Husky gas station at 984 South Island Hwy, Campbell River, Feb. 12, 2019.

Husky Energy to sell Prince George oil refinery to Tidewater

The refinery uses crude oil and condensate from B.C. and Alberta

Husky Energy Inc. has agreed to sell its light oil refinery in Prince George, B.C., for $215 million in cash plus adjustments to Tidewater Midstream and Infrastructure Ltd.

Tidewater may also pay up to an additional $60 million over two years under certain contingencies.

The refinery uses crude oil and condensate from B.C. and Alberta to produce about 12,000 barrels per day of low-sulphur gasoline and diesel fuel.

The two Calgary-based companies say the refinery’s employees will be retained after the deal closes.

Tidewater says the Prince George region is generally in short supply of refined products.

READ MORE: Husky Energy looks to sell Prince George refinery, 500 retail locations

Husky will buy 90 per cent of the refinery’s diesel and gasoline capacity for five years, with prices subject to review, to supply its Husky retail gasoline stations and Husky retail partners.

The sale is part of Husky’s plan to focus on a series of physically linked assets in Western Canada as well as its offshore oil and gas production off Canada’s East Coast and in the Asia-Pacific region.

Husky said Friday that it continues to conduct a strategic review of its retail and commercial fuels businesses.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Qualicum Beach council discusses helping out Orca Place residents

Town considers offer of temporary jobs in the future

FEDERAL ELECTION: Courtenay-Alberni candidates visit Parksville’s Ballenas Secondary School

Students ask questions before participating in their own vote

RDN offers free transit to polling stations on Oct. 21

Initiative aimed at boosting voter turnout, reducing vehicles on road

Parksville residents hear compelling tales from recovering young addicts

Speakers emphasize need for detox and treatment centre, shelter in the area

ELECTION 2019: Climate strikes push environment to top of mind for federal leaders

Black Press Media presents a three-part series on three big election issues

ICBC willing to loosen grip on driver claim data, David Eby says

Private insurers say claims record monopoly keeps customers away

B.C. principal suspended for failing to help student who reported inappropriate touching

Principal didn’t remove student from the teacher’s class nor call the parents within a reasonable time

Port Moody mayor goes back on unpaid leave during sex assault investigation

Rob Vagramov said he intends to return as mayor in three or four weeks

UBC issues statement after instructor tells students to vote for Liberal Party

University says partisan messaging was not intentional

Fatal overdoses down by 33% in B.C., but carfentanil deaths continue to spike

Carfentanil, an illicit drug more powerful than fentanyl, causing more deaths than ever

Cowichan Valley brothers win big in lottery for second time

Playing same numbers net big wins over a three year period

Sentencing date set for Vancouver Island father convicted of killing his two daughters

Andrew Berry was found guilty of two counts of second-degree murder last month

B.C. woman finds mysterious coin among Grandma’s collection

Grandmother died when she was very young and her past is not well known to her mother

Most Read