Last updated: August 23. 2013 1:44AM - 761 Views

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LIMA — Husky Lima Refinery is nearly finished with a project that will add increased diesel and jet fuel production at the complex, company officials said Wednesday.

A 20,000 barrels per day kerosene hydrotreater will start up this year in Lima, officials announced during a conference call reporting fourth-quarter and year-end results.

The Lima work will allow more jet and diesel fuel production while maintaining flexibility to swing back to gasoline production if needed, Husky Energy COO Rob Peabody said.

Also, as part of the company’s downstream refining operations, Husky has completed a construction project at the Toledo refinery  it operates with BP. The 42,000 barrels per day reformer is expected to improve plant performance and efficiency.

The company’s downstream operations include upgrading and refining crude oil, and marketing gasoline, diesel, jet fuel, asphalt, ethanol and related products in Canada and the United States. Husky’s downstream efforts are focused on supporting heavy oil and oil sands production; and the investments at Lima and Toledo are helping do that.

Lima produces about 2 billion gallons of refined petroleum products annually, including about 25 percent of the gasoline consumed in Ohio.

Husky had an “active” fourth quarter in 2012, Peabody said, and the company is continuing its momentum with 80 percent of its Liwan Gas Project in the South China Sea complete. Husky is developing three major natural gas fields in the region.

Husky earned $2 billion in 2012, compared to $2.2 billion in 2011, and $474 million in the 4th quarter of 2012.

“We realized significant progress across all of our business segments in 2012 as we continued to rejuvenate our foundation in Heavy Oil and Western Canada and advance the Liwan Gas and Sunrise Energy projects toward first production,” Husky CEO Asim Ghosh said. “Steady, consistent execution of the company’s balanced growth strategy resulted in strong returns across the business.”

Husky’s Board of Directors declared a quarterly dividend of $0.30 (Canadian) per share on its common shares for the three-month period ending Dec. 31, 2012. The dividend will be payable on April 1, 2013 to shareholders of record at the close of business on March 7.

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