Newspaper article The Canadian Press

Harvest Operations Reaches Deal to Sell Oil Refinery in Come by Chance, N.L

Newspaper article The Canadian Press

Harvest Operations Reaches Deal to Sell Oil Refinery in Come by Chance, N.L

Article excerpt

Deal to sell Newfoundland oil refinery

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COME BY CHANCE, N.L. - Calgary-based energy company Harvest Operations reached an agreement Friday to sell its oil refinery in Come by Chance N.L., to SilverRange Financial Partners LLC of New York.

Harvest Operations (TSX:HTE.UN) said the sale covers North Atlantic's refining and marketing operations in Newfoundland, including home heating businesses and 53 gas stations.

Kim Urban, a spokeswoman for Harvest Operations, said SilverRange plans to continue operating the refinery, which employs about 500 people.

"(SilverRange) has done their due diligence and they see the potential in the refinery," said Urban in a phone interview from Calgary.

Urban would not reveal the terms of the deal, but said she expects the sale will close later this year.

SilverRange Financial declined an interview request Friday. But in a news release, the company said the refinery, which processes about 115,000 barrels of crude oil per day, gives access to markets along the U. …

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