Cenovus Energy ( NYSE: CVE ) said on Monday it agreed to acquire BP's ( NYSE: BP ) 50% interest in the BP-Husky Toledo Refinery in Ohio for $300M, and will assume operatorship from BP upon closing of the deal.
Cenovus ( CVE ) has owned the other 50% of the refinery since its combination with Husky Energy in 2021.
Cenovus ( CVE ) said the acquisition will give it an additional 80K bbl/day of downstream throughput capacity, including 45K bbl/day of heavy oil refining capacity.
For ( BP ), the deal will reduce its refining portfolio to two facilities, the Whiting refinery in Indiana and the Cherry Point refinery in Washington.
BP ( BP ) previously agreed to sell its interest in the Sunrise oil sands project in Alberta to Cenovus ( CVE ) and agreed to buy Cenovus' stake in the Bay du Nord project offshore Newfoundland and Labrador; the deals were announced in June .
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Cenovus to buy BP's 50% stake in Ohio refinery in $300M deal