North Atlantic says the Bull Arm fabrication site is going to be a component of its green energy hub in Newfoundland and Labrador.
The Newfoundland-based company is expanding from all angles, having recently purchased a refinery in France and expanded its retail operations under the Orangestore brand into the Maritimes.
Now, they have signed a 30-year lease to operate Bull Arm in Trinity Bay, a facility located only about 3 km from its Come by Chance operation.
The other bidder was D.F. Barnes.
North Atlantic president and CEO Ted Lomond says they will assume all debts from Bull Arm and enter into a profit-sharing plan with the provincial government while taking over day-to-day operations.
He says with a 30-year lease, they will be able to make the investments that are needed and do the type of marketing that is required to make better use of the facility.
Minister of Industry, Energy and Technology, Steve Crocker (VOCM News)
Energy Minister Steve Crocker sees big things ahead for the facility.
He says there are many opportunities here right now with natural gas, oil, and wind to hydrogen among them.
“Now we can put all those together,” said Crocker.
