FCL selling off western Canadian crude oil assets, retaining Regina refinery complex

The Co-op Refinery Complex is shown in this file photo.

REGINA — Federated Co-op is selling its crude oil assets across Western Canada, but will be retaining ownership of the Regina refinery.

In a statement to CTV News, Federated Co-operatives Limited (FCL) confirmed it has hired the Bank of Montreal to dispose of 550,000 hectares of land that produce 3,000 barrels of oil per day, located in Saskatchewan, Alberta and British Columbia.

In Saskatchewan, the properties are located in the south east, Shaunavon and Dodsland regions.

Despite the major sale, Federated Co-op said the Regina refinery is absolutely not for sale.

“The Co-op Refinery Complex is integral to our business and we are committed to it for the long-term,” the company said in an emailed statement.

FCL is also selling a working interest in the Weyburn-Midale carbon capture, utilization and storage project.

The Co-op is not commenting on the reason for the sale.