| The future of oil refining in Atlantic Canada |
Date: Feb 28, 2024Halifax (February 28, 2024) - The Atlantic Economic Council’s latest report in our net-zero series, "What is the Future of Oil Refining in Atlantic Canada?" offers a detailed analysis of the challenges and opportunities facing the region's oil refining industry amid the transition to net-zero emissions. The Council’s research emphasizes the critical juncture of the refined oil industry. The industry has been a cornerstone of economic activity in New Brunswick for decades. The industry’s total economic impact in the Atlantic region was $1.5 billion in Gross Domestic Product and 4,300 jobs in 2019. Irving Oil in New Brunswick operates the only remaining oil refinery in Atlantic Canada. The Come-by-Chance refinery in Newfoundland and Labrador closed in 2020 and recently reopened under new ownership to produce renewable diesel. The Imperial Oil refinery in Nova Scotia closed in 2013. Report author, Senior Policy Analyst, Fred Bergman notes “As we pivot towards a net-zero future, the industry must navigate a complex landscape of diminishing global demand for fossil fuels, stringent net-zero regulations, and the need for substantial investment in clean technologies, cleaner fuels, and energy efficiency." Concerted efforts are needed from both the industry and governments to support the transition towards cleaner energy sources while maintaining economic activity and energy security in Atlantic Canada -30- Download this report [English] [French] To schedule an interview on this report, please contact:
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