New Venture in Canada’s Oil Sands: Toledo to process Canadian crude

The British oil company BP and Husky Energy said yesterday they would form a joint venture linking a BP Ohio refinery with Husky’s Sunrise oil sands project in Alberta in what is the latest in a series of deals integrating Canadian oil production and United States processing.

The British oil major and Husky, a Canadian producer controlled by Hong Kong tycoon Li Ka-shing, plan to spend at least $5.5 billion initially on the venture, which furthers efforts to secure markets for Canada’s huge oil sands resource.
The plant will be retooled to process 120,000 barrels a day of extra-heavy bitumen from the Alberta oil sands and total capacity will be increased to 170,000 barrels a day. The work is expected to cost $2.5 billion.

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