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

Better ways to use antibiotics on the farm

Canadian Beef Industry Conference session discusses dependence on antibiotics

Stettler Community Christmas Hamper Society seeking donations and volunteer support

Program helps to make the season brighter for local families

Male pedestrian dead after collision with train in Blackfalds

Man from Red Deer pronounced dead at the scene

Halloween Howl: a not-to-be-missed event organized by local group

Halloween fun in support of Stettler and District Crisis Aid

Sylvan Lake shoreline flags wrongfully replaced by well-meaning citizen

Al Cameron of VVOC says a loose thread is not enough to replace the Canadian flags on lakeshore

VIDEO: Alberta teen found guilty of shooting German tourist, leaving him paralyzed

The boy, who cannot be publicly identified, was from the Stoney Nakoda First Nation

Leaders pour it on with rallies, boosts for candidates as campaign reaches peak

The federal election campaign has reached a crescendo

Not a political question: Thunberg calls for climate action in Alberta

Edmonton police estimated the size of the crowd at about 4,000

Rebels drop third straight against Oil Kings

Rebels have given up 19 goals, scord 2 in three games

Zantac, the over-the-counter heartburn drug, pulled in Canada, U.S.

Health Canada also investigates possible carcinogen in some ranitidine drugs

Greta Thunberg calls for climate action in Alberta, but doesn’t talk oilsands

Swedish teen was met with some oil and gas industry supporters who came in a truck convoy

Scheer denies spreading ‘misinformation’ in predicting unannounced Liberal taxes

Conservative leader had claimed that a potential NDP-Liberal coalition could lead to a hike in GST

Kawhi Leonard, former Toronto Raptor, welcomed back to Vancouver at pre-season game

Fans go wild at pre-season game between L.A. Clippers and Dallas Mavericks at Rogers Arena

Greens and NDP go head to head on West Coast; Scheer takes fight to Bernier

Trudeau turns focus to key ridings outside Toronto after two days in Quebec

Most Read