Cenovus to Increase Downstream Capacity With Refinery-Stake Acquisition in Ohio
August 08 2022 - 8:46AM
Dow Jones News
By Adriano Marchese
Cenovus Energy Inc. said it will acquire BP PLC's 50% interest
in the bp-Husky Toledo refinery in Ohio for $300 million, bringing
the refinery under its full ownership.
The Canadian energy company said the full ownership of the
refinery will provide it with an additional 80,000 barrels of oil
per day of downstream throughput capacity, more than half of which
will be of heavy oil refining capacity.
The acquisition brings Cenovus' total refining capacity to
around 740,000 barrels a day.
Additionally, Cenovus said it expects to realize savings over
the next few years as it optimizes its feedstock and refined
product sales as well as through longer-term potential to connect
the refinery with its existing U.S. refining network.
Cenovus has owned its 50% stake in the refinery since its
combination with Husky Energy in 2021.
The transaction is expected to close before the end of this
year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 08, 2022 08:31 ET (12:31 GMT)
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