The Come By Chance Refinery in Newfoundland and Labrador. (Photo: silverpeak.com)
Irving Oil is looking to expand its footprint in Atlantic Canada by acquiring a petroleum company in Newfoundland and Labrador.
The Saint John-based company has signed an agreement with U.S investment firm Silverpeak to acquire North Atlantic Refining Corp.
The agreement includes a 135,000 barrel per day crude oil refinery in Come By Chance, NL, and a network of retail sites.
“As a family-owned international refining and marketing company based in Atlantic Canada, Irving Oil has proudly served the people of Newfoundland and Labrador since 1950, providing a secure supply of energy to its customers across the province,” said the company in a release Thursday.
“Irving Oil would look forward to the opportunity to continue to provide a secure supply of energy to customers across the province.”
No financial details have been released about the deal, which is subject to regulatory review and conditions of sale being met.
Founded in 1987, North Atlantic describes itself as a province-wide leader in retail gas and convenience, residential, commercial, and wholesale fuels.
“Our refinery’s location provides direct access to fuel markets in Europe and the United States, and crude oil markets in the Middle East, the United States, and right here in our own province. This central location allows us to effectively and quickly supply the highest quality fuels including gasoline, jet, home heat, ultra low sulphur diesel, and bunker,” said the company’s website.
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