A deal which would have seen Irving Oil purchase a Newfoundland and Labrador oil refinery has been terminated.
Irving Oil, based in Saint John, confirmed the details in a two-line statement released Tuesday morning.
“The agreement with NARL Holdings US LP for the purchase of the business commonly referred to as North Atlantic Refinery Limited has been terminated. Confidentiality provisions of the agreement prohibit Irving Oil from commenting further at this time,” said the statement for Irving Oil.
In May, Irving Oil signed an agreement with U.S. investment firm Silverpeak to acquire North Atlantic Refining Corp., which included the company’s refinery in Come by Chance, Nfld.
In a tweet Monday evening, Newfoundland and Labrador Premier Andrew Furey said the owner of the refinery “continues to work on its options.”
“I recognize that this is an unsettling time for the hard-working people at the refinery in Come by Chance. The refinery is an asset to this province, and one our government will maximize,” said Furey.
North Atlantic Refining Corp. has not responded to our request for comment.
I recognize that this is an unsettling time for the hard-working people at the refinery in Come by Chance.
The refinery is an asset to this province, and one our government will maximize.
Discussions are ongoing, and the owner continues to work on its options. pic.twitter.com/HacYyTtcZx
— Andrew Furey (@FureyAndrew) October 5, 2020
