Husky Energy is undertaking a strategic review that will possibly include selling its Prince George refinery as well as its Canadian retail and commercial fuels business, the company announced Jan. 8.
“Our retail network and the Prince George refinery are excellent assets, with exceptional employees, which have made solid contributions to Husky over the years,” CEO Rob Peabody says in a news release. “However, as we further align our heavy oil and downstream businesses to form one integrated corridor, we’ve taken the decision to review and market these non-core properties."
Husky says it's focusing on other core assets, including those in its offshore business in Atlantic Canada and the Asia-Pacific region.
The company stresses that the potential sales are independent of the outcome of Husky and its proposed acquisition of MEG Energy.
“We expect the businesses will be highly marketable, attracting strong interest and valuations," Peabody adds. "Husky delivers value to its customers and we anticipate that high level of quality and service will continue whether or not the businesses are sold.”
The Prince George refinery produces 12,000 barrels per day and also processes light oil into low-sulphur gasoline and ultra-low sulphur diesel, along with other products.
Those products go to retail outlets in the central and northern regions of B.C.
The company's retail and commercial network has more than 500 stations, travel centres, cardlock operations and bulk distribution facilities from British Columbia to New Brunswick.
