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From The Telegram:
“Talk of a potential sale of the Come By Chance oil refinery stepped up this week, with the Wall Street Journal reporting the Korea National Oil Corp. (KNOC) has hired Deutsche Bank to handle the sale.
© The Telegram Come By Chance oil refinery
The report cited “people familiar with the matter,” though the assertion has not been confirmed by The Telegram.
Rumours of a sale started the first week of September, with reports out of Seoul stating a KNOC representative said the company was considering unloading Canadian assets. Those assets would include the refinery at Come By Chance, operated by the KNOC subsidiary Harvest Energy Trust.
At that time, Harvest spokeswoman Kari Sawatzky could shed no light on the likelihood of a sale of Come By Chance.
The company’s refining operation lost $106.6 million in the first half of 2013 and recorded a $92-million operating loss for the same period in 2012.
“It’s a tough market and it doesn’t surprise me that refinery’s been struggling with its profitability,” said Michael Ervin, principal at MJ Ervin and Associates, a division of the Kent Group.”
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