The Globe and Mail reports in its Thursday edition that Irving Oil may put itself up for sale after it completes a strategic review of the 99-year-old family-controlled company. The Globe's Jeffrey Jones writes that on Wednesday Irving said it is studying a number of options for the future of the company, which operates in Atlantic Canada, the United States and Europe. It gave no indication of the family's reasons for considering a multibillion-dollar sale or restructuring that would vastly alter the business landscape in Eastern Canada. Irving said in a statement: "No decisions have been made about where this strategic review may lead. Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them." Because Irving is a privately held company that offers few financial details, it is difficult to place a value on the entire operation. National Bank Financial analyst Travis Wood says Irving's Saint John refinery could be worth in the ballpark of $2-billion to $3-billion, and its Irish refinery $200-million to $500-million, given today's robust industry conditions. A major question is who would be on the list of would-be buyers.