North Atlantic Refining

{{Infobox company

| name = North Atlantic Refining

| logo = Image:Northatlantic.png

| type = Subsidiary

| slogan =

| foundation = 1994

| location = St. John's, Newfoundland and Labrador

| key_people =

| revenue =

| industry = Petroleum refining and marketing

| num_employees =

| products =

| homepage = {{URL|northatlantic.ca}}

}}

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

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.{{cite web|url=http://nlrefining.com/pdf/art_1156445625.pdf|title=Harvest Energy Pays C$1.6B for Vitol's North Atlantic Refining|publisher=nlrefining.com|date=August 23, 2006|archive-url=https://web.archive.org/web/20061209221054/http://nlrefining.com/pdf/art_1156445625.pdf|archive-date=2006-12-09}}

In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager.{{cite web|title = History of the Refinery at Come by Chance|publisher = North Atlantic Refining|url = http://www.narefining.ca/history.asp |accessdate = 2010-01-24 |archive-url = https://web.archive.org/web/20160611190010/http://www.narefining.ca/history.asp|archive-date = 2016-06-11|url-status = dead}}

On May 28, 2020, Irving Oil announced that it was in negotiations to purchase the refinery.{{cite web|url=https://www.cbc.ca/news/canada/newfoundland-labrador/refinery-irving-sale-1.5588017|title=Irving will reopen dormant Come By Chance oil refinery, minister says|publisher=cbc.ca|date=May 28, 2020}} On October 5, 2020, the sale to Irving Oil collapsed and it was announced that the Come By Chance refinery would close permanently.{{Cite web|url=https://www.cbc.ca/news/canada/newfoundland-labrador/refinery-closing-irving-1.5751203|title=North Atlantic oil refinery in Come By Chance to close permanently|publisher=cbc.ca|date=October 5, 2020}}

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.{{Cite web |title=Come By Chance refinery sold, will become biofuel operation by mid-2022 |url=https://www.cbc.ca/news/canada/newfoundland-labrador/nl-north-atlantic-refinery-1.6267625 |url-status=live |archive-url=https://web.archive.org/web/20211130143647/https://www.cbc.ca/news/canada/newfoundland-labrador/nl-north-atlantic-refinery-1.6267625 |archive-date=2021-11-30 |access-date=24 Feb 2022 |website=Canadian Broadcasting Corporation}}

External links

[https://northatlantic.ca/ North Atlantic Refining]

References

Category:Oil companies of Canada

Category:Companies based in St. John's, Newfoundland and Labrador

Category:Non-renewable resource companies established in 1994