300 Million Dollar Deal BP to Sell its 50 % Stake in Toledo Refinery to Cenovus

Source: Press release BP

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Under the terms of the agreement, BP will sell its 50 % stake in the BP-Husky Toledo Refinery in Ohio to its joint venture partner Cenovus Energy for 300 million dollars. BP and Canada-based firm Cenovus are also expected to enter into a multi-year product supply agreement.

In the US, after divesting its stake in the BP-Husky Toledo Refinery, BP’s refining portfolio will reduce from three to two facilities.
In the US, after divesting its stake in the BP-Husky Toledo Refinery, BP’s refining portfolio will reduce from three to two facilities.
(Source: BP)

Houston/USA – BP has reached an agreement to sell its 50 % interest in the BP-Husky Toledo Refinery in Ohio to Calgary-based Cenovus, its joint venture partner in the facility.

Under the terms of the deal, Cenovus will pay 300 million dollars for BP’s stake in the refinery, plus the value of inventory, and take over operations when the transaction closes, which is expected to occur later in 2022. BP and Cenovus will also enter into a multi-year product supply agreement.

The BP-operated refinery, which can process up to 160,000 barrels of crude oil per day, has been an important part of the region’s economy for more than 100 years, supporting jobs and safely supplying gasoline, diesel and other essential fuels and products.

Today’s announcement follows another recent deal with Cenovus that, taken together, will help reshape BP’s North American oil and gas portfolio for long-term profitable growth.

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In June, BP entered into an agreement to sell its interest in the Sunrise oil sands project in Alberta, Canada, to Cenovus and agreed to acquire Cenovus’s interest in the Bay du Nord project offshore Newfoundland and Labrador. Following the close of that deal, also expected in 2022, BP will no longer have interests in oil sands production and will shift its focus to future potential offshore growth in Canada.

In the US, after divesting its stake in the BP-Husky Toledo Refinery, BP’s refining portfolio will reduce from three to two facilities. Going forward, BP will focus investment on its Whiting refinery in Indiana and Cherry Point refinery in Washington, which are strategically positioned to serve customers in the Midwest and Pacific Northwest.

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