Announced
Financials
Sources
Tags
oil refinery
Acquisition
Canada
Majority
Single Bidder
Pending
Private Equity
Private
Friendly
Oil Refining and Marketing
Cross Border
Synopsis
Cresta Fund Management, a private equity firm, agreed to acquire a stake in the Come-by-Chance refinery from North Atlantic Refining, a petroleum company based in Newfoundland and Labrador. Financial terms were not disclosed. The refinery has been idled for more than a year. Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both Canada and the United States try to reduce carbon emissions.
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