Federated Co-Operatives Limited is putting its oil production business in Western Canada up for sale, but the company has no plans to get rid of its refinery in Regina.
Also for sale is FCL’s stake in a carbon capture project at Weyburn operated by Whitecap Resources.
A company spokesperson isn’t saying why this move is being made, but that they are committed to owning the Regina refinery and keeping it long-term.
In May, FCL said it planned on cutting an undisclosed number of jobs at the refinery, after pandemic lockdowns hit its energy revenues in 2020.
More than half of FCL’s revenue came from energy last year, according to its annual report.
An industry source tells Reuters the assets may be worth C$80 million to C$100 million