North Atlantic Refining Ltd. is a

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

company based in

Newfoundland and Labrador Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

History

In August 1994, the Vitol Group purchased the

Come By Chance Refinery Come By Chance Refinery was a crude oil refinery operated by North Atlantic Refining in Come By Chance, Newfoundland and Labrador, Canada. It has a refining capacity of . The plant is undergoing conversion to a biofuel operation. History The ref ...

from Newfoundland Processing Ltd. and the operating company North Atlantic Refining Ltd. was founded. In October 2006,

Harvest Energy Trust Harvest Operations Corp. is a Canadian oil and natural gas company based in Calgary, Alberta. Unlike many oil and gas trusts, which consist only of production fields, Harvest had both "upstream" (oil and gas wells) and "downstream" (refining and ...

purchased North Atlantic Refining for $1.6 billion, and in October 2009, the company was purchased by

Korea National Oil Corporation Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country. The company has operated and continues to operate oil and gas fields in Vietnam, Peru, In ...

. In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager. On May 28, 2020,

Irving Oil Irving Oil Ltd. is a Canadian gasoline, oil, and natural gas producing and exporting company. Considered part of the Irving Group of Companies, it was founded by entrepreneur Kenneth "K.C." Irving and is privately owned by his son, Arthur, and h ...

announced that it was in negotiations to purchase the refinery. On October 5, 2020, the sale to Irving Oil collapsed and it was announced that the Come By Chance refinery would close permanently. 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 Biofuel is a fuel that is produced over a short time span from biomass, rather than by the very slow natural processes involved in the formation of fossil fuels, such as oil. According to the United States Energy Information Administration (E ...

operation. As part of the acquisition, the refinery was renamed to Braya Renewable Fuels.

External links

North Atlantic Refining

References

Oil companies of Canada Companies based in St. John's, Newfoundland and Labrador Non-renewable resource companies established in 1994 {{Newfoundland-stub