Canadian oil company on investment mission to Iceland

Representatives of Canada’s Irving Oil are in Iceland, reportedly hoping to buy one of the country’s oil companies.

According to Frettabladid, Irving’s people are meeting with counterparts at several of Iceland’s biggest oil companies to find out more about their operations. According to the newspaper, it is possible that Irving Oil will purchase Skeljungur (which runs Shell stations in Iceland) or N1.

Irving Oil attempted to enter the Icelandic market in the 1990s and intended to import and sell fuel. The company had even secured premises. The presidents of the existing Icelandic oil companies all stood united against the Canadian firm and in the end nothing came of the venture. The Icelandic competition authority came to the conclusion that by working together against a common enemy, the Icelandic oil companies had broken competition law.

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