Energy

Private equity firm to buy Canada's idled Come-by-Chance oil refinery

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.

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)

((devika.kumar@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: devika.kumar.thomsonreuters.com@reuters.net))

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