Come By Chance refinery sale falls through after pricetag squabble: report

According to a Reuters report, a deal to sell the refinery to Irving Oil has been scuttled.

Reuters reports Irving Oil was leading bidder

Reuters reports before the deal fell apart, the refinery's potential buyer had been Irving Oil. (North Atlantic)

A potential deal to sell the Come By Chance refinery in eastern Newfoundland to Irving Oil has fallen apart, according to a Reuters report.

The report states the two former oil traders at the helm of the refinery, Neal Shear and Kaushik Amin, were in talks last year to sell it, with Irving Oil as the leading bidder. But in recent months the deal fell apart due to a dispute between Shear and Amin over the sale price.

Reuters reported its sources said Shear was ready to sell for about $250 million, while Amin was pushing for $400 million. According to Reuters sources, there are now no plans on the table to sell the refinery.

Irving Oil did not respond to requests for comment, nor did the communications manager for the refinery itself.

Neal Shear no longer appears on the Silverpeak Strategic Partners website, the firm which in 2014 bought the plant. Amin remains listed as a partner of the firm. Reuters reported the firm bought Come By Chance for $97-million, and had hoped to possibly sell it quickly for a profit.

The refinery, which can process 130,000 barrels a day, is operated by North Atlantic Refining Limited. While Reuters reported in March 2017 it was up for sale, the provincial government denied those claims.

With files from Reuters