Husky Energy offloads Prince George Refinery in British Columbia
Husky Energy has reached an agreement for the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure for CAD215 million (US$161 million) in cash plus a closing adjustment for inventory, and a contingent payment of up to CAD60 million (US$45 million) over two years.
Proceeds of the sale will be used in accordance with Husky’s funding priorities, which include maintaining the strength of the balance sheet and returning value to shareholders.
Tidewater is retaining all Refinery staff.
The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals.
The 12,000 barrel-per day Prince George Refinery, located in Prince George, B.C., 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.
TD Securities Inc. is acting as financial advisor, with Torys LLP as legal advisor.
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