North Atlantic Refining: Difference between revisions
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{{Infobox company |
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{{Infobox_Company | |
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| name = North Atlantic Refining |
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| logo = [[Image:Northatlantic.png|center|250px]] |
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| type = Subsidiary |
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| slogan = |
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company_slogan = | |
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| foundation = 1994 |
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| location = [[St. John's, Newfoundland and Labrador]] |
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| key_people = |
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| revenue = |
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| industry = [[Petroleum]] refining and marketing |
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| num_employees = |
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| products = |
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| homepage = {{URL|northatlantic.ca}} |
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parent = [[Korea National Oil Corporation]]| |
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homepage = [http://www.northatlantic.ca/ www.northatlantic.ca]| |
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}} |
}} |
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'''North Atlantic Refining''' is a [[petroleum]] company based in [[Newfoundland and Labrador]], [[Canada]] |
'''North Atlantic Refining Ltd.''' is a [[petroleum]] company based in [[Newfoundland and Labrador]], [[Canada]]. |
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== History == |
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The company was formed in 1994 as a subsidiary of [[Vitol]], which acquired the refinery from [[Cumberland Farms]] that same year. It was sold to [[Harvest Energy Trust]] in 2006. In 2009, the company was purchased by the [[Korea National Oil Corporation]].<ref>{{cite web|title=History of the Refinery at Come by Chance|url=http://www.northatlantic.ca/history.asp|publisher=North Atlantic Refining|accessdate=9 August 2010}}</ref> |
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In August 1994, the [[Vitol|Vitol Group]] purchased the [[Come By Chance Refinery]] from Newfoundland Processing Ltd. and the operating company North Atlantic Refining Ltd. was founded. |
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In October 2006, [[Harvest Energy Trust]] purchased North Atlantic Refining for $1.6 billion, and in October 2009, the company was purchased by [[Korea National Oil Corporation]].<ref>{{cite web|url=http://nlrefining.com/pdf/art_1156445625.pdf|title=Harvest Energy Pays C$1.6B for Vitol's North Atlantic Refining|publisher=nlrefining.com|date=August 23, 2006|archive-url=https://web.archive.org/web/20061209221054/http://nlrefining.com/pdf/art_1156445625.pdf|archive-date=2006-12-09}}</ref> |
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==Gas stations== |
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North Atlantic Refining operates or supplies 70 gas stations in Newfoundland and Labrador. Of these, the 36 larger stations are branded '''North Atlantic''', most having been purchased from [[Petro-Canada]]. These stations are involved in North Atlantic's YAY! Card ([http://www.yaycard.ca Yay! Rewards Website]) points program and offer a wider range of services than the remaining stations. The 34 smaller stations are branded '''Home Town''' and are located in smaller communities, usually off of Newfoundland's main routes. |
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In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager.<ref name="history">{{cite web|title = History of the Refinery at Come by Chance|publisher = North Atlantic Refining|url = http://www.narefining.ca/history.asp |accessdate = 2010-01-24 |archive-url = https://web.archive.org/web/20160611190010/http://www.narefining.ca/history.asp|archive-date = 2016-06-11|url-status = dead}}</ref> |
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{{reflist}} |
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On May 28, 2020, [[Irving Oil]] announced that it was in negotiations to purchase the refinery.<ref>{{cite web|url=https://www.cbc.ca/news/canada/newfoundland-labrador/refinery-irving-sale-1.5588017|title=Irving will reopen dormant Come By Chance oil refinery, minister says|publisher=cbc.ca|date=May 28, 2020}}</ref> On October 5, 2020, the sale to Irving Oil collapsed and it was announced that the Come By Chance refinery would close permanently.<ref>{{Cite web|url=https://www.cbc.ca/news/canada/newfoundland-labrador/refinery-closing-irving-1.5751203|title=North Atlantic oil refinery in Come By Chance to close permanently|publisher=cbc.ca|date=October 5, 2020}}</ref> |
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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.<ref>{{Cite web |title=Come By Chance refinery sold, will become biofuel operation by mid-2022 |url=https://www.cbc.ca/news/canada/newfoundland-labrador/nl-north-atlantic-refinery-1.6267625 |url-status=live |archive-url=https://web.archive.org/web/20211130143647/https://www.cbc.ca/news/canada/newfoundland-labrador/nl-north-atlantic-refinery-1.6267625 |archive-date=2021-11-30 |access-date=24 Feb 2022 |website=[[Canadian Broadcasting Corporation]]}}</ref> |
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==External links== |
==External links== |
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[https://northatlantic.ca/ North Atlantic Refining] |
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*[http://www.vitol.com/ Vitol website] |
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*[http://www.cbc.ca/news/story/2005/12/16/come-051216.html Come By Chance refinery up for sale], [[Canadian Broadcasting Corporation|CBC]].ca, December 16, 2005 |
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<references /> |
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*[http://nlrefining.com/pdf/art_1156445625.pdf Harvest Energy Pays C$1.6B for Vitol's North Atlantic Refining] |
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[[Category:Oil companies of Canada]] |
[[Category:Oil companies of Canada]] |
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[[Category:Gas stations in Canada]] |
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[[Category:Companies based in St. John's, Newfoundland and Labrador]] |
[[Category:Companies based in St. John's, Newfoundland and Labrador]] |
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[[Category:Non-renewable resource companies established in 1994]] |
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Latest revision as of 04:41, 13 November 2023
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| Company type | Subsidiary |
|---|---|
| Industry | Petroleum refining and marketing |
| Founded | 1994 |
| Headquarters | St. John's, Newfoundland and Labrador |
| Website | northatlantic |
North Atlantic Refining Ltd. is a petroleum company based in Newfoundland and Labrador, Canada.
History
[edit]In August 1994, the Vitol Group purchased the Come By Chance Refinery from Newfoundland Processing Ltd. and the operating company North Atlantic Refining Ltd. was founded.
In October 2006, Harvest Energy Trust purchased North Atlantic Refining for $1.6 billion, and in October 2009, the company was purchased by Korea National Oil Corporation.[1]
In 2014, it was acquired by SilverRange Capital Partners, a New York-based alternative asset manager.[2]
On May 28, 2020, Irving Oil announced that it was in negotiations to purchase the refinery.[3] On October 5, 2020, the sale to Irving Oil collapsed and it was announced that the Come By Chance refinery would close permanently.[4]
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.[5]
External links
[edit]References
[edit]- ^ "Harvest Energy Pays C$1.6B 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.
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