Ex-oil traders seek buyer for Canadian refinery after bet fails
The following text was excerpted from the media outlet cited on March 21, 2017 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.
NEW YORK (Reuters) - The former crude oil traders who bought a struggling, remote Canadian refinery in 2014 as a turnaround bet are quietly trying to unload the asset after facing weak margins and high regulatory costs, according to two people familiar with the efforts.
SilverPeak Financial Partners was once seen as a buyer of refineries - not a seller. The former traders running the commodity venture had planned to build a merchant refiner with trading capabilities, using their purchase of a Newfoundland refinery as a beachhead into the industry. Though the company looked at refineries in Europe, South America and Africa, the deals never materialized, and the stand-alone Canadian plant floundered.