Natural Resources
Enviroment and Conservation
September 5, 2014
Sustaining the Economy Through Strategic Decisions
Provincial Government Supports Sale of North Atlantic Refining Limited
The Provincial Government today announced its support of an agreement between Harvest Operations Corp. and SilverRange Financial Partners LLC for the sale of North Atlantic Refining Limited. This includes the oil refinery in Come By Chance as well as its North Atlantic-branded marketing, marine, and home heating businesses.
“The successful agreement for the sale of North Atlantic Refining Limited is good news for the people of the province, particularly those who make their living from the oil refinery in Come By Chance as well as the other operations throughout the province. This agreement, along with a solid commitment from the new owner, will support the long-term viability of the operation in Newfoundland and Labrador. On behalf of the Provincial Government, I thank Harvest Energy and the Korea National Oil Corporation for its tenure as owner and for its contribution to the provincial economy. I would also like to welcome SilverRange as the new owner and thank them for their commitment to North Atlantic Refining Limited, its employees, and the province.”
- The Honourable Derrick Dalley, Minister of Natural Resources
SilverRange has committed to investing capital and improving operations at the refinery to support continued operations, employment, and economic benefits in the province. More specifically, SilverRange will be reducing overall sulphur dioxide emissions at the refinery and undertaking a capital investment program at the tank farm.
The Provincial Government worked closely with all parties to ensure current employment and economic benefits contributed by North Atlantic Refining Limited will be maintained. Government supported this agreement by providing assurances that SilverRange’s acquiring entity will not be responsible for any pre-existing environmental liabilities at the refinery site relating to soil, sediment, groundwater and surface water. The site undergoes regular environmental monitoring by the Provincial Government.
“The efforts to be undertaken by SilverRange to reduce sulphur dioxide emissions at the refinery and to make a capital investment at the tank farm will support the future environmental performance of the refinery. The Department of Environment and Conservation will ensure the refinery is compliant with targets and schedules.”
- The Honourable Vaughn Granter, Minister of Environment and Conservation
The refinery in Come By Chance produces 115,000 barrels per day and has a long history in the province as an important contributor to the Newfoundland and Labrador economy.
“The agreement to purchase the refinery was made possible with the support of the Government of Newfoundland and Labrador and provides a unique opportunity for our company. North Atlantic Refining Limited is strategically located along Atlantic crude oil shipping routes and provides access to petroleum markets in Europe and the U.S. Eastern seaboard. The refinery produces low-sulphur, clean fuels, with flexibility to refine crudes from many parts of the world. In addition, the marketing business is a unique and attractive stable margin asset. We look forward to becoming a part of the community within Newfoundland and Labrador.”
- Harsh Rameshwar, Partner, SilverRange
North Atlantic Refining Limited generates significant benefits for the people of the province including approximately 450 full time and 35 part time direct employment jobs currently at the refinery, in addition to 47 employees in marketing and 114 employees in the Orangestores.
"“With the successful purchase of the refinery, the stability of employment and the economy for Come By Chance and the surrounding areas is maintained. We thank the management at Harvest and the union for the effort that went into making this deal happen. We also look forward to working with SilverRange as the new owner.”
- Calvin Peach, MHA for Bellevue
The Provincial Government is committed to fostering a business environment to maximize employment and economic benefits for communities within Newfoundland and Labrador.
QUICK FACTS
- The Provincial Government today announced its support of an agreement between Harvest Operations Corp. and SilverRange Financial Partners LLC for the sale of North Atlantic Refining Limited. This includes the oil refinery in Come By Chance as well as its North Atlantic-branded marketing, marine, and home heating businesses.
- The Provincial Government worked closely with all parties to ensure current employment and economic benefits contributed by North Atlantic Refining Limited will be maintained.
- Government supported this agreement by providing assurances that SilverRange’s acquiring entity will not be responsible for any pre-existing environmental liabilities at the refinery site relating to soil, sediment, groundwater and surface water. The site undergoes regular environmental monitoring by the Provincial Government.
- SilverRange has committed to investing capital and improving operations at the refinery to support continued operations, employment, and economic benefits in the province. More specifically, SilverRange will be reducing overall sulphur dioxide emissions at the refinery and undertaking a capital investment program at the tank farm.
- North Atlantic Refining Limited generates significant benefits for the people of the province including approximately 450 full time and 35 part time direct employment jobs currently at the refinery, in addition to 47 employees in marketing and 114 employees in the Orangestores.
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| Media contacts: Diana Quinton Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca |
Deborah Thomas Director of Communications Department of Environment and Conservation Office of Climate Change and Energy Efficiency 709-729-2575, 728-8092 deborahthomas@gov.nl.ca |
| Donna Ivey Communications Manager Government Members Office 709-729-3551 donnaivey@gov.nl.ca |
Harsh Rameshwar, Partner SilverRange Financial Partners LLC: 646-560-1777 |