Cenovus Energy purchases remaining interest in BP-Husky Toledo Refinery

But BP isn’t going anywhere — for now. Here’s an explanation.

You can watch the story, here.

OREGON, Ohio — It’s the Oregon refinery that hasn’t been fully operational since September 20th of last year, when two brothers were killed after the accidental release of a flammable gas.

And now, as Cenovus Energy closes a deal to purchase the remaining 50% of BP-Husky Toledo Refinery, it says it’s ready to bring the plant back up to “full rates of production” by the mid second quarter of this year.

The Calgary-based oil and natural gas company announced the $370 million deal to purchase BP’s 50% interest in the refinery last Tuesday, but that doesn’t mean BP is completely out of the picture. In fact, the two will enter into a multi-year product supply agreement — details of which were not disclosed in the news release.

According to Cenovus, the refinery has a refining capacity of about 160,000 barrels per day, including about 90,000 in heavy oil capacity. This deal increases Cenovus’s total downstream refining capacity to about 740,000 barrels per day.

MarketWatch reports shares of Cenovus Energy Inc. rose 1.47% to $26.30 last Friday, as energy stock overall increases in value.