Husky Energy closes midstream partnership transaction

July 18, 2016

Torys represented Husky with a team led by Derek Flaman and which included Peter Danner, David Cuschieri and Amy Maginley (M&A), Kevin Fougere, David Kolesar and Tyrel Henderson (financing) and Omar Wakil (foreign investment).

On July 18, 2016, Husky Energy (Husky) closed a transaction resulting in the creation of a new limited partnership, Husky Midstream Limited Partnership, which will assume ownership of select midstream assets in the Lloydminster region of Alberta and Saskatchewan.

The assets include approximately 1,900 km of pipeline in the Lloydminster region, 4.1 million barrels of oil storage capacity at Hardisty and Lloydminster, as well as other ancillary assets. Husky will remain as the operator of the assets, while retaining a 35% interest in the partnership. Cheung Kong Infrastructure Holdings Limited has a 16.25 percent ownership interest in the partnership and Power Assets Holdings Limited (PAH) has a 48.75 percent interest.

Husky Energy is one of Canada's largest integrated energy companies.

CKI is a global infrastructure company which has diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management, Waste-to-Energy and Infrastructure Related Business. It has operations in Hong Kong, Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand and Canada.

PAH is a global investor in energy businesses investing in electricity generation, transmission and distribution, renewable energy and gas distribution with investments in Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand, Canada and Thailand.

Further information can be found on Husky’s website.

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