Come By Chance Oil Refinery
History
The refinery was built by John Shaheen's Shaheen Resources from 1971 to 1973, with the help of British company Procon Limited, for $155 million. The refinery began operation in December 1973 until the refinery went bankrupt in 1976, with Shaheen Resources owing about $500 million. After four years of inactivity, the refinery was purchased by Petro-Canada for $10 million in 1980, but decided against reactivation, and instead sold the refinery to Bermuda-based refinery Newfoundland Processing Ltd. for $1 in 1986, which reopened it the following year.
In August 1994, the Vitol Group purchased the refinery and the operating company North Atlantic Refining was founded. In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager. On May 28, 2020, Irving Oil 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 operation. As part of the acquisition, the refinery was renamed to Braya Renewable Fuels.
On September 2, 2022, an explosion at the refinery injured 8 workers, one, Shawn Peddle of Clarenville (formerly of Hatchet Cove) died in hospital on October 15. The cause of the explosion is currently under investigation.
In late August, 2023, the Government of Newfoundland & Labrador awarded exclusive rights to pursue development of the Toqlukuti'k Wind and Hydrogen Ltd. Project to Braya partner ABO Wind. Braya had previously issued an exclusive letter of support to ABO Wind for the joint development of green hydrogen production at its refinery in Come By Chance. The Crown lands decision awarded ABO Wind exclusive rights to 267,000 acres, or 417 square miles, in close proximity to the refinery.
References
- ^ The Come By Chance Oil Refinery Newfoundland and Labrador Heritage
- ^ "Harvest Energy Pays C$1.6 B for Vitol's North Atlantic Refining" (PDF). nlrefining.com. August 23, 2006. Archived from the original (PDF) on 2006-12-09.
- ^ "History of the Refinery at Come by Chance". North Atlantic Refining. Archived from the original on 2016-06-11. Retrieved 2010-01-24.
- ^ "Irving will reopen dormant Come By Chance oil refinery, minister says". cbc.ca. May 28, 2020.
- ^ "North Atlantic oil refinery in Come By Chance to close permanently". cbc.ca. October 5, 2020.
- ^ "Come By Chance refinery sold, will become biofuel operation by mid-2022". Canadian Broadcasting Corporation. Archived from the original on 2021-11-30. Retrieved 24 Feb 2022.
- ^ "Union demands inquiry after Come By Chance refinery worker dies following explosion". Canadian Broadcasting Corporation. Retrieved 17 Jun 2023.
- ^ Fuels, Braya Renewable. "Braya Renewable Fuels Partner ABO Wind Receives Exclusive Rights to Develop World Class Wind and Hydrogen Project". www.newswire.ca. Retrieved 2023-09-27.
External links
 | This article related to natural gas, petroleum or the petroleum industry is a stub. You can help Wikipedia by expanding it. |
 | This Newfoundland and Labrador-related article is a stub. You can help Wikipedia by expanding it. |