REFINERY TIMELINE
2007
Eastern Kentucky businessman William Spears acquired the refinery from Lynch and Shirley under the umbrella of the Sonoma Capital corporation. Spears immediately commenced layoffs and filed for bankruptcy protection.
2008
The courts ordered the refinery to be sold at auction. That auction caught the eye of international entrepreneur Michael Grunberg, principal of New York City’s Grunberg Realty who purchased the refinery for $2.2 million. Grunberg began operating the refinery through Somerset Energy Refining (SER), LLC.
2008 – 2010
SER spent the next two years and another $20 million modernizing the Monticello Street plant to meet current EPA standards. In October 2009 the refinery enjoyed its first profitable month since being rescued from bankruptcy, and a month later employment peaked at 66 persons.
2010
After an unsuccessful attempt to win back local crude producers, SER is unable to procure a steady crude supply. Somerset Energy Refining idles operations and lists the refinery for sale.
2011
Demetrios Haseotes, an entrepreneur, purchases the refinery. He begins operations under Continental Refining Company (CRC), LLC. Over the next few years, CRC invests millions into plant upgrades and modernization. Reliable crude contracts are established with Sunoco and rapport is started with local crude producers. In 2013, refinery production resumes at partial capacity.
2013 – 2018
Refinery production continues to increase. CRC reclaims nearly all local crude producers lost by previous administrations and becomes the regional source for quality petroleum products. Investments to modernize the equipment continue. In 2018, the refinery is idled to undergo economic and engineering studies of the plant and business model.
2020

Studies reveal excellent regional opportunity in the Biofuels market with CRC being located near an abundance of local soybeans. CRC explores transitioning its operations to focus on a Soybean Crushing and Bio Diesel facility.
2021
If the project moves forward, proposed construction will begin on a Soybean Crushing and Bio Diesel Facility. The facility would be capable of processing 3 Million Bushels of soybeans and producing 5 Million Gallons of B100 annually.