bp has agreed to sell its 50% stake in the bp-Husky Toledo Refinery in Ohio to Cenovus Energy Inc., its joint venture partner.
Cenovus will pay $300 million for bp’s stake in the refinery, plus inventory value, and take over operations later in 2022 when the deal closes. Additionally, bp and Cenovus will enter into a multi-year product supply agreement.
“We are proud of the business we have built in Toledo, which has provided thousands of good-paying jobs and made significant contributions to Ohio’s economy and America’s energy security for decades. As our partner in Ohio, Cenovus is ideally placed to take this important business into the future,” bp America’s chairman and president Dave Lawler said.
Together, today’s announcement and Cenovus’s recent deal will help bp reshape its North American oil and gas portfolio for long-term profitability.
It was announced in June that bp had agreed to sell its interest in the Sunrise oil sands project in Edmonton, Canada, to Cenovus and to purchase Cenovus’ interest in the Bay du Nord project in Newfoundland and Labrador .
bp will reduce its refining portfolio from three to two after divesting its stake in the bp-Husky Toledo Refinery.