Monday, September 20, 2021
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N.L. oil refinery with uncertain future has new buyer interested in renewable fuels

COME BY CHANCE, N.L. – An idled oil refinery within the Newfoundland and Labrador city of Come By Probability has discovered a purchaser.

A spokesperson for the ability says the Texas-based agency Cresta Fund Administration has agreed to purchase a controlling stake within the North Atlantic Refinery.

Karen White of Nationwide Public Relations mentioned in an e-mail as we speak the brand new house owners plan to transform the refinery right into a facility producing renewable diesel and aviation gasoline.

White says the corporate plans to provide 14,000 barrels per day by mid-2022 after which double that capability whereas incorporating hydrogen into the manufacturing course of.

She says refinery staff had been informed Monday concerning the sale, including that the deal is predicted to shut by the top of September.

The Come By Probability oil refinery produced 135,000 barrels a day at peak capability, however its future has been unsure since a purchase order provide from Irving fell by means of final October.

This report by The Canadian Press was first revealed July 29, 2021.



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