Cenovus Energy Inc. has signed a US$300-million deal that it says marks another step forward in its long-term strategy to integrate its heavy oil production with refining capability.
The Calgary-based oil company announced Monday it has reached a deal with British energy giant BP to buy the remaining 50 percent stake in the BP-Husky Toledo Refinery in Ohio. The two companies have also signed a multi-year product supply agreement.
Cenovus has owned the other 50 percent of the Toledo refinery since its combination with Husky Energy in 2021.
When the transaction closes before the end of the year, Cenovus will take over operations of the refinery, which is currently operated by BP. The more than 580 employees at the Toledo refinery will become employees of Cenovus….