Husky Energy has reached an agreement for the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure for $215 million in cash, plus a closing adjustment for inventory and a contingent payment of up to $60 million over two years.
Husky previously announced it was considering selling the Prince George Refinery to focus on its Integrated Corridor and Offshore businesses.
The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals.
The 12,000-bpd Prince George Refinery, located in Prince George, British Columbia, processes light oil into low-sulphur gasoline and ultra-low-sulphur diesel, along with other products. As part of the sale, Husky will enter into a five-year offtake agreement with Tidewater for refined products from the Prince George Refinery.
For more information, visit www.huskyenergy.com.