Come By Chance refinery to recycle diesel and aviation fuel; Maintain 200 jobs – .

Come By Chance refinery to recycle diesel and aviation fuel; Maintain 200 jobs – .

An agreement was reached to purchase the Come By Chance refinery, which would see the facility become a recycler of diesel and aviation fuel.

The provincial government announced today that it has entered into a new agreement with North Atlantic Refining to facilitate Cresta Fund Management’s acquisition of Silverpeak of a majority stake in the transaction.

The operation is expected to create at least 200 full-time, year-round jobs, which is about half of the number of people employed during past peak periods at the refinery.

Premier Furey says some of the conversion work is already underway. He says there are currently over 400 full-time workers at the site.

(Come By Chance Refinery, courtesy of North Atlantic Refining.)

A major part of the deal is responsibility for environmental contamination on the site, with the new owners taking responsibility for any required cleanup, but the province would reimburse the company for those costs.

However, officials noted that this would only cover contamination identified in the future, with full environmental cleanup only taking place if and when the refinery closes.

Meanwhile, it is believed that the North Atlantic will still need the additional five cents per liter of the PUB to import fuel into the province, while continuing to store that fuel in tanks on site.

The agreement itself also requires the new North Atlantic partnership to maintain those employment levels, secure the province’s fuel supply and keep the refinery operating.

The new 10-year environmental indemnity with the provincial government, which includes a liability cap for the province that did not exist in the previous indemnity, will require the Come By Chance refinery site to:

  • Maintain employment levels at no less than 200 full-time employees (each FTE equals 2,080 person-hours of paid work over a 12-month period);
  • Maintain the fuel supply to the insular part of Newfoundland and Labrador; and,
  • Maintain refinery operations.


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