The sale of the Prince George refinery that was owned by Husky Energy is now closed.
In a news release this morning (Nov. 1), Husky announced the 12,000 barrel-per-day facility is now the property of Tidewater Midstream and Infrastructure.
The sale was for $215 million in cash and a closing adjustment of roughly $53.5 million.
Husky says the money from the sale will be used in accordance with their funding priorities which include maintaining the strength of the balance sheet and returning value to shareholders through a sustainable cash dividend.
The company adds the sale includes a contingent payment to Husky of up to $60 million over two years.
They also entered into a five-year offtake agreement with Tidewater for refined products from the refinery.
It was reported last month Tidewater would be keeping all refinery staff.