Irving Oil Ltd. has announced that it will build its new world headquarters on Long Wharf in downtown Saint John.

Irving officials announced Friday that the company plans to spend $30 million to build the new world headquarters. It will also be constructing a cruise ship docking station at the wharf.

The Saint John Port Authority and Irving have signed a memorandum of understanding for the $10-million deal, which would see the company lease the Long Wharf property from the port authority. Part of the money from the deal will also flow through a 40-year annuity that will be indexed and used for port infrastructure projects.

The company will also purchase a small parcel of land from the authority, where the world headquarters will be built.

The deal, however, is dependent on if the city agrees to sell the former Lantic Sugar refinery site to Irving Oil. Irving will then transfer the ownership of the site to the port authority.

The exchange is necessary to maintain the berth in the area, which would be serving as a secondary cruise ship terminal, said Capt. Al Soppitt, president of the port authority.

The agreement is also subject to approval by Transport Canada.

Irving said it will also be providing new walking trails and park space in the area as part of the redevelopment of the Fort LaTour national historic site.

The total cost of the entire development project has not been provided.

Irving officials said they will also not go forward with the project if the public does not support the idea. But it is hoped that ground can be broken on the new development by the fall.

The project is expected to take at least two years for construction.