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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Town of Castor to open tenders to replace garbage truck

Council decided to purchase a used rear load garbage truck to replace the existing the one

Alberta confirms 29 new COVID-19 cases

Of the total 6,955 confirmed cases, 652 are active

Town council moves to re-open community playgrounds

Highlights from the Town council meeting of May 25th

Stettler area brothers put creative skills towards superb causes

Clay and Porter Kneeland are constructing hydro-dipped birdhouses

VIDEO: Procession to honour Snowbirds Capt. Jennifer Casey comes to Halifax

Snowbirds service member died in a crash in Kamloops one week ago

More hospitals part of plasma transfusion trial to treat COVID-19 with antibodies

More hospitals part of plasma transfusion trial to treat COVID-19 with antibodies

Brazilians say ‘I do’ at drive-thru weddings to avoid virus

Brazilians say ‘I do’ at drive-thru weddings to avoid virus

Cases going down, but experts urge against visiting grandparents during pandemic

Cases going down, but experts urge against visiting grandparents during pandemic

One dead, four hurt in head-on crash on one-way street in Edmonton

One dead, four hurt in head-on crash on one-way street in Edmonton

NDP mocks Alberta premier’s UCP for taking COVID cash from ‘sugar daddy’ Trudeau

NDP mocks Alberta premier’s UCP for taking COVID cash from ‘sugar daddy’ Trudeau

Alberta introduces bill to change rules on charter schools, home-schooling

Alberta introduces bill to change rules on charter schools, home-schooling

Opposition parties call on Liberals to restore human-trafficking victims fund

Opposition parties call on Liberals to restore human-trafficking victims fund

‘Antigone’ wins five trophies, including best picture, at Canadian Screen Awards

‘Antigone’ wins five trophies, including best picture, at Canadian Screen Awards

Most Read