BP has reached an agreement to sell its 50% interest in the BP-Husky Toledo Refinery in Ohio to Calgary-based Cenovus, its joint venture partner in the facility.

Under the terms of the deal, Cenovus will pay $300 million for BP’s stake in the refinery, plus the value of inventory, and take over operations when the transaction closes, which is expected to occur later in 2022. BP and Cenovus will also enter into a multi-year product supply agreement.

(Source: Tank News Int., August 9-2022)