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Husky Energy to sell Prince George oil refinery to Tidewater

The refinery uses crude oil and condensate from B.C. and Alberta
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Husky gas station at 984 South Island Hwy, Campbell River, Feb. 12, 2019.

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 refineryB´ÎÔª¹ÙÍøÍøÖ·™s employees will be retained after the deal closes.

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

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Husky will buy 90 per cent of the refineryB´ÎÔª¹ÙÍøÍøÖ·™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 HuskyB´ÎÔª¹ÙÍøÍøÖ·™s plan to focus on a series of physically linked assets in Western Canada as well as its offshore oil and gas production off CanadaB´ÎÔª¹ÙÍøÍøÖ·™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

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