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Similar to the terms of the previous agreement, Vitol will provide to North Atlantic Refining (NARL) comprehensive working capital financing of feedstocks and finished products, including letters of credit, in-transit and in-storage inventories, and trade credit.
Additionally, Vitol will provide feedstock procurement and shipping, finished product marketing and shipping, price risk management, administrative and back office services.
The oil supply and refined product offtake agreement (SOA) will be effective beginning in November 1, 2009 for an initial period of two years, after which, it will automatically renew.
The Vitol SOA replaces the existing agreement in place since Harvest's acquisition of NARL in October 2006, and is based on more favorable financing charges, fees, and product sales prices.
Further, the renewed SOA will provide for the inclusion of high sulfur fuel oil inventories and other amendments, which will increase the amount of working capital financing realized under this agreement.
The SOA also requires that Vitol Refining purchase and lift all refined products produced by the refinery, except for certain excluded refined products to be marketed by North Atlantic in the local Newfoundland market.
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