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Cenovus acquires crude-oil transloading facility in Alberta
Canadian oil company Cenovus Energy Inc. announced yesterday that it closed on its acquisition of Canexus Corp.'s North American Terminal Operations, a crude-by-rail transloading facility in central Alberta.
Financial terms were not disclosed. The acquisition is part of Cenovus' strategy to build a strong portfolio of transportation options so it can maximize market access and global prices for its oil, according to a company press release.
Additionally, Cenovus announced it contracted Savage to work with Cenovus' onsite management team for the day-to-day operations of the terminal, which has been renamed Bruderheim Energy Terminal.
The company considers the terminal, located northeast of Edmonton in Bruderheim, Alberta, a strategic location for its connections to the Cold Lake and Access crude-oil pipeline systems, as well as its link to Canadian Pacific and CN lines.
Savage provides rail transportation and terminal operation services in the United States and Canada.
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