Husky Energy has completed its previously announced $435m acquisition of the Superior Refinery in Superior, Wisconsin, US.
The development comes after the company signed an agreement in August this year to acquire the 50,000 barrel per day refinery from Calumet Specialty Products Partners.
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The acquisition will allow Husky to enhance its downstream crude processing capacity, consistent with its plan to grow production.
The refinery is set to increase Husky’s total downstream capacity by around 395,000 barrels per day.
At the time of signing the agreement, Husky Energy CEO Rob Peabody said: “Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production.
“Upon closing, this new asset will immediately contribute to increased earnings and funds from operations.”
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By GlobalDataThe refinery produces asphalt, petrol, diesel and heavy fuel oils.
Under the transaction, the package includes the refinery’s associated assets and logistics, including two asphalt terminals, two product terminals.
In addition, the acquisition also includes a marine terminal, 3.6 million barrels of crude and product storage and a fuels and asphalt marketing business.
Furthermore, the transaction allows the company to expedite its asphalt strategy, through the addition of immediate production.
The company is expected to have additional capacity once in-flight projects are completed next year.
