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

Salmon fishing closures won’t save the whales, say critics

Federal government accused of going after salmon fishery as ‘low hanging fruit’

PHOTOS: BC Children’s lottery offers luxury downtown Victoria home as a prize

The Choices Lotto has luxury homes across the province

Island teen climber seizes last opportunity to qualify in 2020 Olympic games

Brennan Doyle, 16, heads to L.A. for Pan American Climbing Championships

University of Victoria profs take home prestigious national teaching award

Brent Mainprize and Edōsdi–Judy Thompson recognized as a 2020 3M National Teaching Fellows

Victoria modular housing complex built to house homeless Indigenous women

Spa’Qun, or ‘Flower House’ will provide shelter and cultural support

VIDEO: Alleged shoplifter caught on camera at Sidney boutique

Staff at Cameron Rose Gifts seek the public’s help locating woman

Cheapest in B.C.: Penticton gas prices dip below $1 per litre

Two stores in Penticton have gas below a dollar.

VIDEO: Outpouring of worldwide support for bullied Australian boy

Australian actor Hugh Jackman said ‘you are stronger than you know, mate’

‘A horror show:’ Ex-employee shares experience at problematic Chilliwack seniors’ home

Workers are paid below industry standard at all Retirement Concepts facilities

Forest industry protests northern B.C. caribou protection deal

B.C. Mining Association supports federal-Indigenous plan

Youth-led report calls on B.C. government to create plan to end youth homelessness

There are no dedicated programs for youth homelessness at federal, provincial level, report says

UPDATE: Lockdown lifted at Nanaimo high school following threats

Nearby elementary school was in hold-and-secure

Wolverines face elimination game at Island finals

Sooke squad lost to Nanaimo’s John Barsby last night

Trudeau: Time for blockades to end and Indigenous leaders to work with government

Prime minister says situation in Coastal GasLink pipeline dispute is ‘unacceptable and untenable’

Most Read