Braya Renewable Fuels to get up to $64 million from Canadian government for oil-refinery conversion
The Canadian government announced May 31 up to CAD$86 million (USD$64.1 million) in federal investments for Braya Renewable Fuels to convert its oil refinery in Come By Chance, Newfoundland and Labrador, into a renewable diesel and sustainable aviation fuel (SAF) facility.
When completed later this year, the project is expected to sustain 200 full-time jobs while creating 800 local jobs during its construction.
The plant will be capable of manufacturing approximately 260 million gallons per year.
“Projects like this are an example of what clean fuels mean for the Atlantic—hundreds of good, middle-class jobs, strong local economies and a healthy future for our kids,” said Jonathan Wilkinson, Canada’s minister of natural resources. “Newfoundland and Labrador has the resources, people and ambition to become a clean energy and technology supplier of choice in a net-zero world. I’m very pleased to be working with them to realize that potential.”
With a CAD$1.5-billion (USD$1.1 billion) investment over five years, the Clean Fuels Fund offers new opportunities to fuel Canada’s transition to clean energy.
The fund will help Canadian companies produce clean fuels, create up to 36,000 new jobs by 2030 and enable the reduction of greenhouse-gas emissions.
“Innovation is the key to a cleaner, greener future,” said François-Philippe Champagne, the minister of innovation, science and industry. “That’s why our government is proud to support Braya Renewable Fuels’ project to develop clean fuels for the future of aerospace and air transportation. This is our vision in action—we are taking an old oil refinery and transforming it into a modern facility that produces low-carbon fuels. The transformation of the Come by Chance plant will give Canada an unparalleled advantage in tomorrow’s green economy by helping us achieve our net-zero goals and will create good jobs for Newfoundlanders.”
Frank Almaraz, CEO of Braya Renewable Fuels, added, “We sincerely thank the government of Canada for its support of our efforts to convert the refinery in Come by Chance into a renewable diesel and sustainable aviation fuel facility. It is a vital asset to the province, providing hundreds of jobs during construction and 200 sustainable jobs during ongoing refinery operations. Braya’s world-class conversion project strongly positions our region as a leader in renewable fuel production, supporting clean-energy growth and 2050 net-zero emissions targets.”
In addition to the Clean Fuels Fund, the Canadian government has also created the Clean Fuel Regulations, which support the growth of the clean-fuel sector.
The actual funding amount for Braya Renewable Fuels is subject to final negotiations.