Cresta Fund Management to buy Canadian refinery for conversion to SAF and renewable diesel

In Canada, Reuters reports Cresta Fund Management has agreed to buy a controlling stake in North Atlantic Refining’s idled Come-by-Chance refinery amidst plans to convert it to 14,000 barrels per day of sustainable aviation fuel and renewable diesel production in its first phase. The first phase could be online by mid-2022, just in time for Canada’s Clean Fuel Standard to be implemented, requiring lower carbon intensity fuels for the domestic market. Green hydrogen as well as doubling SAF and renewable diesel production are part of the planned second phase.