COME BY CHANCE, N.L. – The operator of the Come by Chance oil refinery in eastern Newfoundland says it’s cutting 128 jobs because of the energy sector downturn.
NARL Refining said it was making the cuts to its roughly 600 staff as it tries to remain competitive, citing tough economic conditions among other factors.
The company, owned by New York-based SilverRange Financial Partners, said the decision was necessary to secure the refinery’s future.
The news is only the latest setback for Newfoundland and Labrador’s oil and gas industry, which has seen spending cuts and reduced royalty payouts since oil prices collapsed more than two years ago.
SilverRange bought the refinery in 2014 from the Korea National Oil Corporation for an undisclosed amount just as oil prices started to drop.
The company said it has put a number of resources in place to provide support for people who have lost their jobs and was committed to preserving as many jobs as possible.