It was thought that the plant might receive a stay of execution, thanks in part to the ability to transport cheap light sweet crude from the U.S. Gulf Coast to the province.

But ultimately, no buyers were attracted in a long sales process, and the company determined that the facility was too small and not worth the substantial investment needed to remain competitive in the North Atlantic.

Observers believe that a number of U.S. and European refiners will look to supply Imperial customers in Canada. Provincial maritime plants such as Irving and Come-by-Chance would prefer to move product to Canadian destinations, based on geography and also to avoid RINs penalties that are incurred when products are imported into the U.S. (A company importing a cargo of gasoline stateside is treated like a anufacturer, and must either blend ethanol or purchase RINs).

Middle Atlantic refiners could ostensibly send gasoline and diesel to northeastern Canada and avoid RINs obligations, and European refiners might see better returns in Canada than in the U.S. as well.

But RINs aside, the biggest drawback to the Dartmouth refinery was its age, its small size and the lack of natural gas to fire up boilers. The 95-year-old refinery boasts 200 employees and 200 contractors. It provides products to the local terminal as well as five other products facilities.