Harvest Operations Corp. is selling its 100% ownership in North Atlantic Refining Limited (NARL) to SilverRange Financial Partners LLC (SilverRange) of New York, City.
The sale includes NARL’s Canadian refining and marketing businesses in Newfoundland. The refining business is comprised of a 115,000 barrel-per-day crude oil refinery in Come By Chance, Nfld. while the marketing business includes gas stations and other assets that sell petroleum products to local markets. Terms of the sale were not disclosed.
“We are very pleased to announce the sale of NARL, our Newfoundland-based subsidiary. Given Harvest’s focus on investment in Canada’s upstream business, we remain committed to maintaining and growing our operations in Western Canada,” said John Wearing, Harvest’s chief operating officer. “At the same time, the Come By Chance refinery will remain an integral part of the local economy in Newfoundland and an important component of the energy supply chain on the Atlantic seaboard.”
As part of the transaction, SilverRange will purchase inventories of crude oil and refined products as well as NARL’s North Atlantic-branded marketing, marine and home heating businesses. The sale includes 53 North Atlantic and Home Town branded gasoline stations, as well as convenience stores, including 14 Orangestore branded locations.