Irving Oil ‘Terminates’ Plans To Purchase Newfoundland Refinery
SAINT JOHN— Plans for Irving Oil to purchase the North Atlantic Refinery Limited in Come by Chance, N.L., have fallen through.
Irving Oil released a statement Tuesday saying the purchase would not be going ahead.
“The agreement with NARL Holdings US LP for the purchase of the business commonly referred to as North Atlantic Refinery Limited has been terminated,” the company said. “Confidentiality provisions of the agreement prohibit Irving Oil from commenting further at this time.”
Back in May, the company announced they signed an agreement to acquire North Atlantic Refinery Limited, subject to regulatory review and conditions of sale being met. The agreement included the refinery in Come By Chance that produces 135,000 barrels per day, and a network of retail sites and other marketing assets.
Founded in 1987, North Atlantic describes itself as a province-wide leader in retail gas and convenience, residential, commercial, and wholesale fuels. The refinery is currently owned by U.S. investment firm Silverpeak.
Newfoundland and Labrador Premier Andrew Furey said in a tweet that discussions are ongoing to keep the refinery in operation.
“I recognize that this is an unsettling time for the hard-working people at the refinery in Come by Chance,” said Furey. “The refinery is an asset to this province, and one our government will maximize. Discussions are ongoing, and the owner continues to work on its options.”
I recognize that this is an unsettling time for the hard-working people at the refinery in Come by Chance.
The refinery is an asset to this province, and one our government will maximize.
Discussions are ongoing, and the owner continues to work on its options. pic.twitter.com/HacYyTtcZx
— Andrew Furey (@FureyAndrew) October 5, 2020