April 2016, Vol. 243, No. 4

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Husky Energy to Portion off Midstream Assets for $1.7 Billion

Husky Energy will sell 65% ownership interest in select midstream assets in the Lloydminster region of Alberta and Saskatchewan to Cheung Kong Infrastructure Holdings and Power Assets Holdings Limited (PAH). Husky, which will remain the operator, will receive $1.7 billion of gross cash proceeds, while retaining 35% of the midstream assets. “We set a high bar for this transaction,” said Husky CEO Asim Ghosh. “It was important to realize full value for these assets and to maintain operatorship and preserve the tight integration between our heavy oil production, marketing and refining assets. We sought partners who shared these objectives and who viewed these as top tier asse

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