• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Irving Oil terminates purchase of North Atlantic Refinery Limited

October 6, 20208:51 AM Reuters0 Comments

Canada-based oil refinery operator Irving Oil on Tuesday said it has terminated an agreement for the purchase of North Atlantic Refinery Limited, the company said in a statement on its website.

Irving had agreed to buy the owner of the idled 135,000 barrels per day Come-by-Chance refinery in Newfoundland, for an undisclosed price in May.

According to industry sources, Irving walked away from the purchase and share agreement shortly before it was set to close in mid-October.

“North Atlantic is actively looking for alternate buyer, but the market is very challenging,” said a source familiar with the matter.

Workers are expected to be told at an all-staff meeting on Tuesday morning.

Refining margins have been weighed down by lower processing rates due to an oversupply of distillate stocks, which include jet fuel. The crack spread – the difference between crude and fuel – is currently hovering around $10.50 a barrel.

The Come-by-Chance refinery 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.

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

The plant has been idled since early April, but Irving indicated it would restart the plant following the close of the sale.

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.29dk2902l

Irving Oil

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Suncor Energy announces Russ Girling to stand for election to Board of Directors
  • Whitecap Resources Inc. announces strong 2020 results, completes transformation to a leading light oil producer and provides 2021 budget
  • Baytex announces fourth quarter and full year 2020 financial and operating results and year end 2020 reserves
  • ‘A shiny toy’: The Alberta petrochemical complex at the heart of Brookfield’s Inter Pipeline bid
  • Oil rises after data shows slump in U.S. output amid Texas freeze

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.