(St. John’s, NL – November 30, 2021) Today, the Government of Newfoundland and Labrador announced that Cresta Fund Management has reached an agreement to purchase a majority interest in the North Atlantic Refinery at Come By Chance, Newfoundland and Labrador to produce renewable diesel and sustainable aviation fuels. Noia welcomes this announcement as it ensures the refinery continues operation, employs local people, maintains supply to the island portion of the province, and has the potential to expand, including expansion into other energy sectors such as hydrogen.
“The news that Cresta Fund Management has completed the purchase of a majority interest in the Come By Chance refinery is positive for Newfoundland and Labrador, our energy sector, and the hundreds of people who will be employed there. Braya Renewable Fuels will produce renewable diesel and sustainable aviation fuel which will be globally desired products. The conversion of the facility will also offer the potential to expand to other forms of energy and this helps further position our province as an energy leader and global supplier. I look forward to seeing this project move forward and working with the leadership of Braya Renewable Fuels.”
• Charlene Johnson, Noia CEO
It was also announced that the first phase of the project would result in daily production of 14,000 barrels of renewable diesel and sustainable aviation fuel by mid-2022. A second phase will seek to double refinery capacity. According to the ownership of Braya Renewable Fuels, there is also potential for further expansion.
The Newfoundland and Labrador Oil and Gas Industries Association (Noia) was founded in 1977 to represent the supply and service sector of the offshore oil and gas industry. Today, Noia represents approximately 460 member organizations worldwide which are involved in, or benefit from, the oil and gas industry of Newfoundland and Labrador. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.