Owners Advance Plans to Convert Idled Newfoundland Refinery into Renewable Fuels Production Facility

Cresta Fund Management, February 15, 2022

In November 2021, Cresta Fund Management (“Cresta”) acquired a controlling interest in an idled Canadian refinery located in Come By Chance, Newfoundland and Labrador, re-naming it as Braya Renewable Fuels (“Braya”) following the acquisition.

Recently, Braya announced it has appointed a new senior leadership team for the idled refinery, adding Frank Almaraz as Chief Executive Officer, Jim Stump as President, Josh Bailey as Chief Commercial Officer, and Luigi Trigilio as Vice President of Logistics.

Cresta, a Dallas, Texas-based private equity fund, has been working to build the senior leadership team and convert the facility to renewable diesel and sustainable aviation fuel service with initial nameplate production capacity of 18,000 barrels per day and planned commercial operations in the second half of 2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell renewable products into the United States, Canada, and Europe.

We are pleased with the Braya leadership team additions,” said Chris Rozzell, Cresta’s Managing Partner. “Braya’s new team members bring decades of energy experience and will supplement the excellent team already in place at the Come By Chance refinery.  We are thrilled to see this world-class facility come online as it will provide a critical pathway to decarbonization for existing diesel and jet fuel consumers.

We are extremely excited about the future of the renewable fuel industry and the role Braya will play in this fast-growing space. The Come By Chance refinery and leadership team is well positioned to serve as a cornerstone asset to allow Braya to become a leader in renewable fuel production,” said Braya Chief Executive Officer Frank Almaraz. “We are proud to provide safe and sustainable jobs for the community of Come By Chance and the province of Newfoundland and Labrador, supported by a strong working relationship with the refinery’s unions and employees who have been Braya’s biggest asset in the ongoing refinery conversion process. We are confident that the Come By Chance Refinery will become one of the world’s premier renewable fuels facilities for decades to come.

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