Irving Oil to buy Come-by-Chance refinery owner

Irving Oil’s marine terminal is seen in St John’s, Newfoundland and Labrador, Canada, October 17, 2018. REUTERS/Chris Wattie

(Reuters) – Canada-based oil refinery operator Irving Oil said on Thursday it has agreed to buy North Atlantic Refining Corp, the owner of the Come-by-Chance refinery in Newfoundland.

Irving will buy its network of retail sites and other marketing assets for an undisclosed price.

The Come-by-Chance refinery, which has an output of 135,000 barrels per day, was the first to close in North America as refiners worldwide began to scale back to adjust to a sudden demand slump due to the coronavirus pandemic.

The plant has been idled since early April. It is not known when the refinery will resume production.

The refinery was nearly sold in 2018, with Irving Oil as the leading bidder, but the two former oil traders at the helm of the refinery disagreed on the sale price and the sale subsequently fell apart.

It supplied products to major harbors on the U.S. East Coast including New York and Boston.

Source


More from: | Category: M&A News