CALGARY, Alberta — Cenovus Energy Inc. has closed on the transaction to purchase BP’s 50% interest in the BP-Husky Toledo Refinery in Ohio. Cenovus already owned 50% of the facility, and now owns 100% and assumes operations. Total consideration for the sale is approximately US$370 million after closing adjustments, including working capital. Cenovus and BP will also enter into a multi-year product supply agreement.
The Toledo Refinery has 160,000 barrels per day of throughput capacity, including about 90,000 barrels per day of heavy oil capacity, and increases Cenovus’s total downstream refining capacity to about 740,000 barrels per day. Cenovus expects the refinery will ramp to full rates by mid-second quarter.
Reach Dean Brown at 567-242-0409
