Irving Oil Announces Voluntary Conversion of Crude Oil Railcar Fleet

Irving Oil fleet conversion to be completed by April 30 and supplier adherence by year-end

SAINT JOHN, NB, Feb. 17, 2014 /PRNewswire/ - Irving Oil announced today that by April 30, 2014, it will complete the conversion of its proprietary fleet of crude oil railcars to the Association of American Railroads' (AAR) recommended specifications for DOT-111 railcars constructed after October 1, 2011.  This will require the voluntary removal of older-model railcars from service.  The AAR specifications recommend that DOT-111 railcars built after October 2011 be constructed with reinforcements and enhancements that have been reported to reduce the risk of product loss if these railcars are involved in derailments.  Irving Oil will also advise suppliers and marketers of crude oil of Irving Oil's adoption of AAR's enhanced standard, and will ask for their adherence by no later than December 31, 2014 for crude oil railcars servicing Irving Oil facilities.

The announcement by Irving Oil follows recommendations made on January 23, 2014 by the Transportation Safety Board of Canada (TSB) relating to enhanced protection standards for rail cars.

"We have made substantial progress in converting our fleet of crude oil railcars to meet this enhanced standard. In light of the strongly worded recommendation from the TSB in January, we felt it was important to communicate this milestone to the public," says Paul Browning, President & CEO of Irving Oil. "Safety is paramount to our business, and by taking this voluntary leadership position with our own fleet of railcars we expect to set a standard for the suppliers and marketers who ship crude oil to our facilities to quickly follow our example."

After working in recent months to implement the AAR recommendation, 88% of Irving Oil's crude oil railcars are already of newer construction that meet the AAR's enhanced specifications for DOT-111 railcars constructed after October 2011. Over the next ten weeks, Irving Oil will continue to execute its plan of emptying the remaining older-model rail cars so that they can then be cleaned and removed from service. By April 30, Irving Oil's in-service proprietary DOT-111 rail fleet in Canada and the United States will consist exclusively of newer-model rail cars built in 2012 and 2013, and all of these cars will meet the AAR's enhanced specifications for DOT-111 railcars constructed after October 2011.

Irving Oil

Irving Oil is a privately owned regional energy and marketing company that provides Eastern Canada and New England with high-quality products and customer service. Founded in 1924 and based in Saint John, New Brunswick, the company operates Canada's largest refinery, producing in excess of 320,000 barrels of finished products every day. For more information about Irving Oil and its community programs, please visit us at www.irvingoil.com or follow us at facebook.com/irvingoil.

SOURCE Irving Oil