ST. JOHN’S, N.L. — An idled oil refinery in the town of Come By Chance, N.L., has new owners and a planned new life producing renewable diesel and sustainable aviation fuel beginning in mid-2022.
The Newfoundland and Labrador government announced today that final agreement had been reached in the sale of the Come By Chance refinery to Cresta Fund Management, a Texas-based equity firm.
The government says Cresta will acquire a majority interest in the facility from New York-based investment firm Silverpeak, the parent company of North Atlantic Refining Ltd., the company which had operated the Come By Chance facility.
A joint statement today from Cresta and Silverpeak says the latter company will retain a minority interest in the facility and continue as the controlling entity of NARL Marketing, which supplies the island of Newfoundland with all of its fuel.
During a press conference today, Silverpeak partner Kaushik Amin said the refinery’s move away from petroleum processing means all the province’s fuel supplies will be imported.
Operations at the refinery were suspended in March 2020 as the COVID-19 pandemic emerged and global oil prices crashed, and two previous deals to purchase the refinery fell through.
This report by The Canadian Press was first published Nov. 30, 2021.
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