Lukoil unit to remove crude stored at idled Come-by-Chance refinery
1/29/2021
The trading unit of Russia’s Lukoil plans to remove crude oil it has stored at the idled Come-by-Chance refinery in Newfoundland, Canada, three sources familiar with the matter said.
The Canadian refinery has been idled since last year, a casualty of coronavirus-induced demand destruction. Lukoil’s Litasco unit is its primary crude supplier, and currently is storing between 2 and 3 million barrels of oil there that it plans on re-exporting to sell elsewhere, the sources said.
Numerous North American refineries have had to shut as coronavirus restrictions sapped fuel demand. The refinery, operated by North Atlantic Refinery Limited (NARL) and New York-based investment firm Silverpeak, has been closed since March, and is actively searching for a new owner.
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