Government welcomes new ownership for North Atlantic Refinery

Kathy Dunderdale, Minister of Natural Resources, welcomes the announcement today of new ownership of North Atlantic Refining Limited (NARL).

Calgary based Harvest Energy Trust (Harvest), one of Canada�s largest conventional oil and natural gas producing companies, has entered into an agreement to acquire NARL and related businesses from Vitol Refining Group (Vitol).

"In order to facilitate further expansion of the refinery and growth in the marketplace, Vitol has been in the market to sell all or part of its interest in the Come-by-Chance facility," said Minister Dunderdale. "I am quite pleased to note that Harvest has indicated that it views NARL as an opportunity to acquire a business with great prospects for growth and investment, a view which government shares."

Since it bought the refinery in 1994, Vitol has invested nearly $600 million on upgrades, increased production, and in doing so the refinery now employs 700 people. "Government thanks Vitol for its 12-year commitment and loyalty to the company and its workforce. Vitol's progress placed the refinery in a globally competitive position to make it attractive to new ownership," said the Minister.

"The sale of NARL is a positive development and government will work with Harvest Energy Trust, to build upon NARL�s previous successes in growing and expanding our oil refining capabilities and enhancing growth in our oil and gas sector," said the Minister.

Media contact: Derek Connolly, Communications, (709) 729-5777 or 728-2837

2006 08 23       4:45 p.m.