Irving Oil reaches deal to buy refinery at Come By Chance, NL
Irving Oil has signed agreements to buy the North Atlantic Refining Corp. and its Come By Chance refinery in Newfoundland and Labrador from New York-based investment firm, Silverpeak, for an undisclosed sum.
The agreements, subject to regulatory review and conditions of sale being met, also includes North Atlantic gas stations, Orange Stores and other marketing assets. The refinery, the only one in the province, has been shut down during the COVID-19 pandemic. It produces 135,000 barrels a day when operational.
Irving Oil said in a news release the North Atlantic Refining Corp. has a fully integrated market presence and well-established ties to the communities it serves. “With its deep-water terminal location and a network of retail assets, including both company and dealer sites, North Atlantic provides a reliable supply of fuel products to businesses and consumers across Newfoundland,” the company statement says.
The Come by Chance refinery has a colourful history in Newfoundland where it has changed ownership six times - the Irving purchase would be the seventh. Should the agreement be approved, Irving Oil, based in Saint John, N.B., will be the only refinery operator in Atlantic Canada.
Irving Oil recently secured permission from Transport Canada to bring crude oil from Newfoundland and Labrador, as well as Western Canadian oil to the East Coast, through the Panama Canal to its refinery in Saint John – the largest in Canada. The acquisition of Come by Chance, along with Irving’s Saint John and Ireland refineries, is designed to build on the company's strengths in the Atlantic basin.