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Braya Renewable Fuels has started producing renewable diesel at the Come-by-Chance refinery in Canada, which was previously capable of producing 135,000 barrels per day of fuel. Cresta Fund Management, a Dallas-based private equity firm, acquired a controlling stake in the refinery in Newfoundland and Labrador in November 2021, renaming it Braya. The refinery had been closed for over a year due to the COVID-19 pandemic.
Initially, Braya expects to produce 18,000 barrels per day of renewable diesel, with plans to increase capacity and eventually produce sustainable aviation fuel. They are also looking into green hydrogen production. According to Braya, these renewable fuels offer viable alternatives to fossil fuels and can significantly reduce carbon emissions from sectors such as heavy-duty transport, aviation, and heavy industry.
Renewable diesel is made from animal fats, food waste, and plant oils. It is similar to petroleum-based diesel and can be produced using existing refinery equipment, but the yield is lower compared to conventional diesel.
Come-by-Chance had tried to sell itself as a refinery, but talks with Canada's Irving Oil fell through in October 2020, leading to the shutdown of operations.
Due to reduced fuel demand during the pandemic and increasing environmental concerns, several North American refineries have converted or are planning to convert to renewable diesel production. This trend is also driven by declining investor interest in US refineries, leaving older plants with limited options.
Phillips 66's Rodeo refinery in California is another refinery expected to complete its conversion to renewable fuels and begin production by the end of next month.
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