Canexus Corporation’s crude-by-rail trans-loading facility in Alberta has been acquired by Cenovus Energy.
The acquisition is part of Cenovus’ strategy to build a strong portfolio of transportation options to help maximise market access and capture global prices for its oil.
Additionally, Savage has been contracted to work in Cenovus’ team in the day-to-day operations of the renamed Bruderheim Energy Terminal.
The terminal, located approximately 50 kilometers northeast of Edmonton in Alberta, has strategic value for Cenvous due to its connections to the Cold Lake and Access crude oil pipeline systems as well as its links to the Canadian Pacific and Canadian National rail lines.
Cenvous began moving its oil through the facility in 2014 and there is potential to expand the acquired facility at a relatively low capital cost. There is also undeveloped land included in the transaction that provides significant potential.