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CALGARY — Cenovus Energy Inc. has reached a deal with British energy giant BP to buy the remaining 50 per cent stake in the BP-Husky Toledo Refinery for $300 million.
The Calgary-based oil producer has owned the other 50 per cent of the Ohio-based refinery since its combination with Husky Energy in 2021.
Cenovus says its U.S. operating business will take over operations when the transaction closes, expected before the end of the year.
The company says the Toledo refinery recently completed a major, once in five years turnaround to improve operational reliability.
It says the transaction will give Cenovus an additional 80,000 barrels per day of downstream throughput capacity, including 45,000 barrels per day of heavy oil refining capacity.
The deal brings Cenovus’ total refining capacity to 740,000 barrels per day.
Alex Pourbaix, Cenovus president and CEO, says fully owning the Toledo refinery provides an opportunity to further integrate the company’s heavy oil production and refining capabilities, including with the nearby Lima Refinery.
“This transaction solidifies our refining footprint in the U.S. Midwest and increases our ability to capture margin throughout the value chain,” he said in a statement.
This report by The Canadian Press was first published Aug. 8, 2022.
Companies in this story: (TSX:CVE)
The Canadian Press
Saskatoon-based fertilizer giant Nutrien Ltd. has named Ken Seitz president and CEO following a months-long global talent search.
The company says Seitz, who has served as interim CEO since January and previously headed up its potash operation, brings 25 years of experience in agriculture and mining to the role.
Nutrien says it has achieved record results under Seitz’s leadership amid sweeping changes in agricultural markets and unprecedented global food security challenges.
Russ Girling, chairman of Nutrien’s board of directors, says the company’s record performance during some of the most turbulent times in the sector underscore the strength of Seitz’s leadership.
Seitz, who grew up on a dairy farm in Saskatchewan, says he’s “honoured and humbled” to work alongside growers during challenging times.
He says Nutrien is well positioned to help meet the global goals of food security and climate action.
This report by The Canadian Press was first published Aug. 8, 2022.
Companies in this story: (TSX:NTR)
The Canadian Press
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