bp: to sell stake in US refinery for $300m

(CercleFinance.com) - Yesterday bp announced that it has reached an agreement to sell its 50% stake in the bp-Husky Toledo refinery in Ohio to Cenovus, its joint venture partner in the facility.


The agreement stipulates that Cenovus will pay 300 million dollars to buy back bp's interest in the refinery (which can process up to 160,000 barrels of crude oil per day), as well as the value of the inventory.

Cenovis will take over operations upon closing of the transaction, which is expected to take place later in 2022.

bp and Cenovus will also enter into a multi-year product supply agreement.



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