Private equity firm to buy Canada's idled Come-by-Chance oil refinery
NEW YORK, July 26 (Reuters) - Private equity firm Cresta Fund Management has agreed to buy a controlling stake in idled Canadian 135,000-barrel-per-day (bpd) Come-by-Chance refinery, a fund representative said on Monday, with the aim of converting it to renewable fuels production.
The refinery, owned by North Atlantic Refining Ltd (NARL), has been idled for more than a year.
The first phase of the conversion would change the refinery to a facility capable of producing 14,000 barrels of sustainable aviation fuel and renewable diesel daily by about mid-2022, said Chris Rozzell, Cresta's managing partner said in an email.
Refinery employees were notified on Monday afternoon, the fund said. NARL did not immediately respond to a request for comment.
(Reporting by Devika Krishna Kumar; Editing by Sandra Maler)
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