The BP Husky Refinery in Toledo is shown. Image by Joseph S. Pete
BP is selling its 50% stake in the BP-Husky Toledo Refinery in Northwest Ohio.
The London-based multinational energy giant, whose BP Whiting Refinery is its largest globally, is selling its interest in the Toledo Refinery for $300 million to Cenovus Energy Inc.
BP also recently sold Cenovus its Sunrise oil sands project in Alberta, Canada while acquiring Cenovus’s stake in the Bay du Nord oil exploration project offshore Newfoundland and Labrador.
Cenovus was its joint venture partner in the refinery, which BP ran. Cenovus will buy out BP's stake in the refinery, acquire the inventory and take over operations.
The BP-Husky Refinery can process up to 160,000 barrels of crude oil a day, turning it into gasoline, diesel fuel, jet fuel, asphalt, propane, and other petroleum products. It's operated in Toledo for more than 100 years.
It employs 580 workers, who will become Cenovus employees when the deal closes at the end of the year.
“We are proud of the business we have built in Toledo, which has provided thousands of good-paying jobs and made significant contributions to Ohio’s economy and America’s energy security for decades. As our partner in Ohio, Cenovus is ideally placed to take this important business into the future," said Dave Lawler, chairman and president of BP America.
BP initially sold a 50% stake in the refinery to Cenovus in 2008. It entered into a multi-year supply agreement with Cenovus as part of the sale.
BP will be left with just two refineries in the United States: the BP Whiting Refinery and the Cherry Point refinery in Washington.
"I am incredibly proud of the people who safely operate this refinery every day. Their unwavering dedication and expertise have helped provide a strong foundation for the future of this facility, which will continue to provide jobs in this community and energy for this region for years to come," said Des Gillen, vice president, BP-Husky Toledo Refinery.
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