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.

Just Posted

BCHL: Alberni Valley Bulldogs acquire veteran forward from QMJHL

Matthew Grouchy set to join the Bulldogs on Friday, Dec. 13

BUDGET 2020: WVIHS rolls out five-year plan for Port Alberni heritage train

Port Alberni council considers options in budget preparation

Alberni high school students fill Salvation Army van full of food

ADSS Athletic Dept.’s eighth annual food drive fills van, bellies with food donations

Island businessman opens up about his journey with prostate cancer

Port Alberni’s Kevin Wright shares online journal entries to help others understand

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

One man dead after car crash in Nanaimo

One person died, another was injured in the accident which happened Wednesday on Nanaimo Lakes Road

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Laid-off forest workers converge on B.C. legislature

Loggers call for action on strike, provincial stumpage

B.C. guide fined $2K in first conviction under new federal whale protection laws

Scott Babcock found guilty of approaching a North Pacific humpback whale at less than 100 metres

Feds urge Air Canada to fix booking problems as travel season approaches

The airline introduced the new reservation system more than three weeks ago

Most Read