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UPDATE 1-Private Equity Firm to Buy Canada s Idled Come-by-Chance Oil Refinery – Advanced BioFuels USA
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Private equity firm to buy idled oil refinery
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Source: Reuters
The Dallas-based firm said in a letter dated Jan. 22 it would look to convert the refinery to renewable fuel production. The Newfoundland refinery has been shut since March, one of numerous refineries across the United States and Canada that have halted operations due to coronavirus-induced demand destruction.
Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both nations try to reduce emissions.
Canada’s Clean Fuel Standard (CFS) will require carbon-intensity reduction targets set for each fuel starting in 2022 and is projected to increase renewable fuel demand.
The refinery, operated by NARL and New York-based investment firm Silverpeak, is actively searching for a new owner.
Private equity firm bids for Canada s idled refinery
2/3/2021
Private equity firm Cresta Fund Management has offered to buy a majority stake in North Atlantic Refining Ltd (NARL), owner of the idled Canadian 135,000 barrel-per-day Come-by-Chance refinery, according to a letter reviewed by Reuters.
The Dallas-based firm said in a letter dated Jan. 22 it would look to convert the refinery to renewable fuel production. The Newfoundland refinery has been shut since March, one of numerous refineries across the United States and Canada that have halted operations due to coronavirus-induced demand destruction.
Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both nations try to reduce emissions.