This is your 1 News posts out of 3 that you are entitled to as a guest.

Please sign up for one of our PREMIUM SUBSCRIPTIONS to continue your access to Global Energy Infrastructure.

Come-by-Chance refinery in Newfoundland sale falls through, could be headed for closure

10/8/2020

An agreement for NARL Holdings to sell the 130,000 bpd refinery in Newfoundland, Canada to Irving Oil has been terminated, according to a statement from Irving Oil. The original intent for Irving’s purchase dates to May 2020.

With this sale being terminated, this refinery is closer to being shut in permanently as an option since the company is striving to remain economically viable. As of this writing, the company is examining all options.

Reportedly, another company could be showing interest as Origin International is possible interested in the refinery. Origin International specializes in recycling used oil, and this is a possible scenario should it go forward. Back in June 2020, Origin expressed interest in the refinery when CEO Nicholas Myerson said that “ "In the event the Irving transaction stakeholders deem appropriate an assessment of alternatives to acquire NARC, Origin stands willing and able to re-engage in its bid for NARC," and that “We just wanted to make decision-makers aware of our interest in the province and a key asset in the event circumstances changed."