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Harvest Operations Corp.

Title: Harvest Operations Corp.
Category: Energy
Clicks: 2
Added on: Nov 26, 2011
PageRank:
0/10
Harvest Operations is a large energy company in Canada, which offers exposure to downstream marketing and refining operations and upstream natural gas and oil production. The company has adopted a technical approach to maximizing its assets and maintains an active acquisition program. Its natural gas and crude oil production operations are weighted to 30 percent to natural gas and 70 percent to oil, and it operates a crude oil refinery.

Harvest Operations was established in 2002 and since then, it has experienced value appreciation and growth. In 2006, the company acquired North Atlantic Refining, together with its marketing business and turned into an integrated company. North Atlantic’s main asset is a hydrocracking refinery, situated in Newfoundland. The company has invested about $600 million in its facilities, ensuring reliable, clean, safe, and productive operations, including improvements, upgrades, and refinery expansion, so that its jet fuel and diesel fuel meet the requirements and specifications within Europe, North America, and Asia.

Today, Harvest Operations takes pride in its development opportunities, extensive land base, operational expertise, and balanced asset base. At the hydrocracking refinery, crude oil is fractioned into non-liquid and liquid gas (butane, propane, and fuel gas), and liquid products are processed for blending. The production of middle distillates such as diesel and kerosene takes place in the distillation tower. Designated tanks are used to temporarily store finished refined products.

Headquartered in St. Johns, the marketing division of North Atlantic is comprised of 5 segments: commercial, home heating, retail, bunkers, and wholesale. North Atlantic delivers propane and furnace oil to its commercial and residential customers in Newfoundland. At its wharf facilities, it sells bunkers to refined product and crude oil vessels. North Atlantic also provides propane, jet fuel, and distillates to its wholesale customers, from truck rack and wharf facilities. In delivers propane, jet fuel, No. 6 fuel oil, and distillates to the aviation, marine, commercial heating, construction, and aviation industries. Finally, North Atlantic owns commercial cardlock locations and retail gasoline stations, and there are convenience stores at most locations, which are independently operated. Its major competitors here are Ultramar, Imperial Oil, and Irving Oil.
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