Cenovus pumps the brakes on plans to sell off Husky gas stations

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Cenovus pumps the brakes on plans to sell off Husky gas stations

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The CEO of Cenovus Power Inc. says a pending sale of Husky Power Inc.’s chain of retail gas stations was halted as a part of the $3.8-billion all-stock takeover that closed early this 12 months.

In a fireplace chat on the 2021 Scotiabank CAPP Power Symposium, Alex Pourbaix says the sale would have taken place at a low level within the gas retailing cycle and was stopped in hopes that the marketplace for these belongings would enhance.

Husky introduced its plan to get out of retailing gas to customers after 80 years within the enterprise in early 2019, placing on the block greater than 500 service stations, journey centres, cardlock operations and bulk distribution amenities from British Columbia to New Brunswick.

It struck a deal to promote its 12,000-barrel-per-day refinery in Prince George, B.C., in late 2019 however could not discover a purchaser for the remainder of the belongings.

Greater oil costs will permit Cenovus to succeed in its debt discount goal of $10 billion by year-end, eradicating the necessity to promote belongings, however Pourbaix mentioned the corporate is constant to type its operations into core and non-core buckets.

He says Husky’s Asian-Pacific belongings are additionally being assessed and are “not essentially” going to be thought of a core asset going ahead. Husky has offshore pure gasoline initiatives with Chinese language companion CNOOC Ltd. in China and Indonesia.

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