Husky Energy Inc is pleased to announce that an agreement has been reached with BP to create an integrated, North American oil sands business consisting of pre-eminent upstream and downstream assets.
The development will be comprised of two joint 50/50 partnerships, a Canadian oil sands partnership to be operated by Husky and a U.S. refining LLC to be operated by BP. Husky and BP will each contribute assets of equal value to the business. Husky will contribute its Sunrise asset located in the Athabasca oil sands in northeast Alberta, Canada and BP will contribute its Toledo refinery located in Ohio, USA.