Several refiners since then have announced plans to convert their operations to renewable fuels production to remain viable as both Canada and the United States try to reduce carbon emissions.
A second phase will seek to double the capacity of the refinery and incorporate the ability to produce green hydrogen – where renewable energy such as wind or solar powers the extraction of hydrogen – Rozzell said.
Refinery employees were notified of the agreement on Monday afternoon, the fund said.
The deal is expected to close in the third quarter and the fund declined to disclose the value of the transaction.
NARL did not immediately respond to a request for comment.
Come-by-Chance has been looking for a new owner since Irving Oil backed away from a purchase and share agreement last year. (Reporting by Devika Krishna Kumar; Editing by Sandra Maler)