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Husky Energy to sell Prince George Refinery

05/10/2019
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Husky Energy have agreed to sell their Prince George Refinery to Tidewater Midstream and Infrastructure for $215 million in cash plus a closing adjustment for inventory and a contingent payment of up to $60 million over two years.

Husky Energy will sell the Prince George Refinery to Tidewater Midstream
(Image via Prince George Refinery)

The Canadian refinery, based in Prince George, British Columbia, process light oil from the Pembina Pipeline into low-sulphur gasoline and ultra-low sulphur diesel, mixed propane and butane and heavy fuel oil. It has a production capacity of 12,000 barrels per day.

Husky had previously announced it was considering selling the refinery, which has been active since 1967, as the company transitions away from retailing fuels to consumers after 80 years in the business. In a statement, the company said it will continue to focus on its integrated corridor and offshore business.

“We continue to deliver on Husky’s five-year plan outlined at our Investor Day in May, with an ongoing focus on capital discipline, consistent execution and increased margins,” said CEO Rob Peabody. “The plan is aimed at further enhancing the resiliency of the Company.”

The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals, with Tidewater planning to retain all 85 staff.

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Husky Energy to sell Prince George Refinery - Time to read 2 min
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