Premier Andrew Furey stands by the $16.6-million in funding promised to North Atlantic Refining Limited to keep the Come by Chance refinery in warm idle.
The funding agreement came down during a flurry of announcements issued by government in the lead-up to Friday’s election call.
As per the agreement, the cash will be used to protect the refinery for a future restart or sale, to offset costs associated with a restart, and to maintain a level of employment on an interim basis.
Part of the funding, which is set to last until the end of June, is expected to be used by NARL to maintain employment levels of 200 full-time equivalent positions.
While ultimately any future deal will be between two private parties, Furey says government is acting as a facilitator.
They determined that the best way to support those working in the industry is to keep the refinery in a position to either restart or be sold for a high value.