Canada’s Come-by-Chance Refinery Seeing New Bids to Return as a Renewable Facility
According to recent reports, private firm Cresta Fund Management has placed an offer to purchase a majority stake in North Atlantic Refining LTD, who owns the presently idle 135,000 barrel per day Come-by-Chance refinery in Newfoundland. This refinery was one of the first sites in North America to shut in after the COVID-19 pandemic began to weaken demand.
If successful in the stake purchase, Cresta would likely convert the facility into a renewable fuel producer, as many refiners have also planned renewable conversion to better reduce emissions. Canada has instituted a planned new Clean Fuel Standard that will require new carbon reduction targets for fuels beginning in 2022, thereby increasing demand for renewable fuels. NARL has been searching for a new owner for this refinery since last March. At this writing, Cresta Fund had not issued a statement around this report.
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