CALGARY, Alta. – Husky Energy is considering selling off its commercial fuels and Canadian retail business, as well as its Prince George Refinery.
The company made the announcement Jan. 8, saying it would undertake a strategic review of the non-core downstream assets, as it increases focus on core assets in its integrated corridor and on its offshore business in Atlantic Canada and the Asia Pacific region.
“Our retail network and the Prince George Refinery are excellent assets, with exceptional employees, which have made solid contributions to Husky over the years,” said CEO Rob Peabody. “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.
“We expect the businesses will be highly marketable, attracting strong interest and valuations. 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 potential sale is being undertaken independent of the outcome of Husky’s proposed acquisition of MEG Energy.
Husky boasts more than 500 stations, travel centers, cardlock operations, and bulk distribution facilities in Canada, with approximately 1.6 million myHusky Rewards members.
The Prince George Refinery churns out 12,000 barrels per day, processing light oil into low-sulphur gasoline and ultra-low Sulphur diesel, as well as other products.