Brian Zinchuk is editor and owner of Pipeline Online
CALGARY — Cenovus Energy Inc. announced on Feb. 28 that it has closed on the transaction to purchase bp’s 50 per cent interest in the bp-Husky Toledo Refinery in Ohio, effective that day.
Cenovus already owned 50 per cent of the facility, and now owns 100 per cent and assumes operatorship. 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 (bpd) of throughput capacity, including about 90,000 bpd of heavy oil capacity, and increases Cenovus’s total downstream refining capacity to about 740,000 bpd. Cenovus said it expects the refinery will ramp to full rates by mid-second quarter.
Cenovus’ numerous refining and upgrading facilities include the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Superior Refinery and Toledo Refinery. The Superior Refinery suffered a major fire in 2018, and only now is it close to resuming operations in the coming months after a significant rebuild.
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