North Atlantic Refining

North Atlantic Refining Ltd. is a petroleum company based in Newfoundland and Labrador, Canada.

North Atlantic Refining
TypeSubsidiary
IndustryPetroleum refining and marketing
Founded1994
HeadquartersSt. John's, Newfoundland
Websitenorthatlanticrefining.ca

History

In August 1994, the Vitol Group purchased the Come By Chance Refinery from Newfoundland Processing Ltd. and the operating company North Atlantic Refining Ltd. was founded.

In October 2006, Harvest Energy Trust purchased North Atlantic Refining for $1.6 billion, and in October 2009, the company was purchased by Korea National Oil Corporation.[1]

In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager.[2]

On May 28, 2020, Irving Oil announced that it was in negotiations to purchase the refinery.[3] On October 5, 2020, the sale to Irving Oil collapsed and it was announced that the Come By Chance refinery would close permanently.[4]

In November 2021, the U.S. private equity group Cresta Fund Management purchased a controlling stake of the idling refinery and announced plans to convert the plant to a biofuel operation. As part of the acquisition, the refinery was renamed to Braya Renewable Fuels.[5]

North Atlantic Refining

References
  1. "Harvest Energy Pays C$1.6B for Vitol's North Atlantic Refining" (PDF). nlrefining.com. August 23, 2006. Archived from the original (PDF) on 2006-12-09.
  2. "History of the Refinery at Come by Chance". North Atlantic Refining. Archived from the original on 2016-06-11. Retrieved 2010-01-24.
  3. "Irving will reopen dormant Come By Chance oil refinery, minister says". cbc.ca. May 28, 2020.
  4. "North Atlantic oil refinery in Come By Chance to close permanently". cbc.ca. October 5, 2020.
  5. "Come By Chance refinery sold, will become biofuel operation by mid-2022". Canadian Broadcasting Corporation. Archived from the original on 2021-11-30. Retrieved 24 Feb 2022.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.