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Cenovus Energy buys remaining stake in Toledo refinery from BP for $300 million

Cenovus Energy Inc. has signed an agreement with British energy giant BP to purchase the remaining 50% stake in BP-Husky Toledo Refinery for $ 300 million.

Calgary-based oil producers own the remaining 50% of Ohio-based refineries since the merger with Husky Energy in 2021. The business will be taken over at the end of the transaction, which is scheduled by the end of the year.

Read more: Cenovus Energy saw a significant increase in profits when net profits reached $ 2.4 billion in the second quarter.

The company's Toledo refinery says it has recently completed a major turnaround once every five years to improve operational reliability.

The transaction will allow Centovus to add 80,000 barrels of downstream throughput capacity per day, including 45,000 barrels of heavy oil refining capacity per day.

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With this deal, Centovus The total purification capacity of is up to 740,000 barrels per day.

Cenovus President and CEO Alex Pourbaix has the opportunity to further integrate its heavy oil production and refining functions, including the nearby Lima refinery, by fully owning the Toledo refinery. It states.

"This transaction will solidify our refining footprint in the Midwest and improve our ability to earn margins throughout the value chain," he said in a statement.

© 2022 The Canadian Press