July 11, 2018

The sale of the Come By Chance oil refinery is running into snags over the price according to news agency Reuters.  The owners of the plant, Neal Shear and Kaushik Amin, were attempting to sell the refinery to Irving Oil, but the deal has reportedly fallen apart in recent months.  The refinery was sold for $1.6-billion in 2006, but following a collapse in the global oil market, it sold for only $97-million in 2014, less than 10 years later.  According to Reuters, anonymous sources claim Shear was ready to sell the refinery for $250-million but Amin was pushing for $400-million.  The discrepancy put an end to talks with Irving, and the news agency reports that there are no longer any plans to sell the plant.

By Reuters