The Come By Chance refinery has been sold to a U.S.-based private equity firm.
Cresta Fund Management has bought a controlling stake of the idled refinery, and plans to convert the plant to make aviation fuel and diesel from used cooking oil, corn oil and animal fat.
The firm has also renamed the plant, which will operate as Braya Renewable Fuels.
Cresta says initial production capacity will be 14,000 barrels per day, and hopes to have the operation running by mid-2022.
In July, North Atlantic Refining Limited Partnership and Cresta reached an agreement-in-principle for the sale.
At the time United Steelworkers Local 9316 president Glenn Nolan told CBC News the move would save hundreds of jobs. His union represents 335 workers at the refinery.
In mid-June, oil refinery workers voted 96 per cent in favour of a new collective agreement between the union and previous ownership group Silverpeak.
Silverpeak will stay on board with a minority interest in the refinery, and will continue to direct marketing.
In a media release, Cresta said the company will have the ability to grow and adapt by making modifications to the refinery, to expand the total capacity to 35,000 barrels per day, and expand "feedstock flexibility."
Kaushik Amin, a partner at Silverpeak, said the refinery will be one of the largest biofuel operations of its kind in the world.
But there are also environmental liabilities that come with the refinery and some of its petroleum tank inspections are not up to date, or their status is "unknown" to the province.
Taxpayers in the province took on some of a refinery's pre-existing environmental liabilities seven years ago, when new owners bought the operation. With another sale pending, the province is again being asked to play a role.
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Come By Chance refinery sold, will become biofuel operation by mid-2022 - CBC.ca
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