⁍ Canada-based oil refinery operator Irving Oil on Tuesday said it has terminated an agreement for the purchase of North Atlantic Refinery Limited.

---

⁍ In May, it had agreed to buy the owner of the idled 135,000 barrels per day Come-by-Chance refinery in Newfoundland, for an undisclosed price.

---

⁍ According to industry sources, Irving walked away from the purchase and share agreement shortly before it was set to close in mid-October.

---

– The sale of a shuttered oil refinery in Canada has fallen through. Irving Oil had agreed in May to buy Come-by-Chance Refinery, which has been idled since April due to the H1N1 virus, for an undisclosed price, reports Reuters. But “the market is very challenging,” says a source familiar with the matter. “North Atlantic is actively looking for alternate buyer, but the market is very challenging.” The company had been set to close in mid-October. Come-by-Chance was the first North American refinery to close as demand collapsed during the pandemic. It supplied major US East Coast harbors including New York and Boston. The plant has been idled since early April. The crack spread—the difference between crude and fuel—is hovering around $10.50 a barrel. It was nearly sold in 2018, with Irving Oil as the leading bidder, but the two former oil traders at the helm of the refinery disagreed on the sale price and the sale subsequently fell apart.