SAINT JOHN, N.B. - The parent company for New Brunswick-based Irving Oil says it will not move ahead with its planned world headquarters project because of the recession.
In a statement today, Fort Reliance blames current economic conditions caused by the global recession for its decision to shelve the $30-million project on the Saint John, N.B., waterfront.
The company first announced its intention to build a home office on land it owned at the Long Wharf location over five years ago.
A 99-year lease of the site had been approved by the federal government last April.
Irving wanted to construct the new building to bring together about 1,000 employees in Saint John.
The project had been opposed by labour unions and longshoremen who argued it threatened Saint John's future as a working port.