- September 19, 2013 - 18:57
So....along with its horribly reconfigured digital edition, the Telegram no longer posts comments...and, on the rare occasion it does, its usually a day later. You type in that crazy, almost impossible to read, authentication code and then - nothing! It keeps giving you another code to copy, but your text goes nowhere.
- September 19, 2013 - 16:50
The Come-by-Chance refinery has strategic value for NL. Properly positioned in the marketplace, it could capture a significant share of the provincial demand for distillates. Moreover it has implications for downstream diversification and value extraction from the Province's offshore. I would have suggested NALCOR as a possible buyer with the operation contracted to an experienced international management group. But NALCOR has already shown its ineptness in the planning, management and balancing of interests between its hydro-electric mandate and its offshore petroleum mandate. Dwight Ball and Paul Antle (hopefully the only two Liberal leadership candidates with a prospect of winning) need to look carefully at this issue. Either or both should consider adopting as a plank in their platform the splitting of NALCOR down the middle. NL Hydro would resume direct responsibility for electrical generation while a revamped NALCOR would be responsible for petroleum (offshore, onshore, upstream and down). Both would report independently to Cabinet. Had this been the case all along, I don't think we'd be knee deep in the Muskrat Falls fiasco right now. There would have been a healthy competitive play between the two crown corporations such that one would keep the secret, ambitious, absurd empire building notions of the other in check.
- September 19, 2013 - 07:04
Too bad the Come-By-Chance refinery wasn't a "tough sell" back when Joey Crazy signed us up for it in the 70's.....an era of complete folly that doomed this place for eternity. Good luck finding a "greater fool" than us.....
- September 19, 2013 - 06:44
The other problem with selling the Come By Chance refinery is the sneaky covenants imposed on it no thanks to Petro Canada. When this refinery was sold to Bermuda based Newfoundland Energy in 1986, Petro Canada imposed a sneaky covenant on this refinery which applied to Newfoundland Energy and all future and current owners such as Vitol, Harvest Energy, and KNOC, and that is the refinery cannot sell refined oil products to the Canadian Market other than Newfoundlanders and Labradorians. The other problem with selling the refinery is that closing it will result in jeopardized energy security for the Atlantic Provinces as Dartmouth's ESSO refinery will be converted into a terminal in 2014 and 2015. Closing both the Dartmouth and Come by Chance refineries could take up to 200,000 barrels of crude out of the system, resulting in substantially higher prices for Atlantic Canadians. Therefore, the new owners will not only have to renegotiate with Petro Canada to eliminate the sneaky clauses imposed on the refinery, but also keep the refinery running at Come by Chance to maintain Atlantic Canada's already crippled energy security, and ensure that any oil harvested in Newfoundland is produced at Come By Chance to maintain value added jobs here.