COME BY CHANCE, N.L. -- An idled oil refinery in the Newfoundland and Labrador town of Come By Chance has found a buyer.

A spokesperson for the facility says the Texas-based firm Cresta Fund Management has agreed to buy a controlling stake in the North Atlantic Refinery.

Karen White of National Public Relations said in an email today the new owners plan to convert the refinery into a facility producing renewable diesel and aviation fuel.

White says the company plans to produce 14,000 barrels per day by mid-2022 and then double that capacity while incorporating hydrogen into the production process.

She says refinery employees were told Monday about the sale, adding that the deal is expected to close by the end of September.

The Come By Chance oil refinery produced 135,000 barrels a day at peak capacity, but its future has been uncertain since a purchase offer from Irving fell through last October.

This report by The Canadian Press was first published July 29, 2021.