News Post
Idled Newfoundland Refinery Sees Renewable Future with New Buyer
The Come-by-Chance refinery in Newfoundland, which has been shut in since last March due to the pandemic effect, could return to production as a renewable complex with a new buyer in charge.
Private equity firm Cresta Fund Management of Texas recently agreed to the purchase of a controlling stake in the refinery and is expected to close on the deal by the end of September. Cresta Fund Management won the agreement after a prior purchase offer from Irving Oil fell through last November, which put any restart further into doubt.
The Come-by-Chance refinery originally had a capacity for 135,000 barrels per day, but according to statements from Cresta, production of 14,000 barrels per day of sustainable aviation fuel and renewable diesel is being planned for a mid-2022 startup in an initial phase. A potential second phase that would double this renewable capacity and add green hydrogen production is being discussed as well.
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