Crude climbs on refinery fire at Newfoundland

08 January 2010 20:38  [Source: ICIS news]

HOUSTON (ICIS news)--Crude oil prices briefly spiked above $83/bbl on Friday on the NYMEX as an investigation began into the cause of a Thursday night fire at Korea National Oil’s 115,000 bbl/day refinery in Come By Chance, Newfoundland.

No injuries were reported in the fire, which was confined to the stripper tower area of the Isomax unit, said refinery spokeswoman Gloria Slade.

Isomax is a process that enables a refiner to convert a higher percentage of its crude oil into high-quality transportation fuels.

Slade said an investigation into the cause of the fire began on Friday morning. It was unknown as to when it would be completed or when the Isomax unit would return to production.

All other sections of the refinery were unaffected by the fire, but the crude unit was operating at a reduced level, Slade said. She was unable to specify the quantity of the reduction at press time.

Crude oil closed on the NYMEX Friday at $82.75/bbl.

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By: Frank Zaworski
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