TOLEDO, Ohio — Calgary, Canada-based Cenovus Energy announced Tuesday it has completed its purchase of the remaining 50% stake of the BP-Husky Toledo Refinery.
Cenovus already owned the other 50% and announced last August it was working to acquire the remaining half. The deal announced Tuesday is worth about $370 million.
Cenovus and BP will enter into a multi-year product supply agreement as Cenovus assumes operatorship. Going forward, the facility will be known as the Cenovus Toledo Refinery.
The refinery located on Cedar Point Road in Oregon has been running for over 100 years and has 160,000 barrels per day of throughput capacity. Cenovus expects the refinery, which has been shut down for several months following a fatal fire, to ramp up to "full rates" by mid-second quarter.
In August, Cenovus said More than 580 BP refinery workers are expected to become Cenovus employees at closing. A Cenovus spokesperson later told WTOL 11 that job offers will be extended to "all current employees who work at or primarily support the refinery."
A massive fire broke out in September and killed two BP staff members. A preliminary report last year found the fire was caused by flammable chemicals accidentally being released.
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