Statement on Optimization of Partnership Agreements and Contracts

Wednesday, June 30, 2021 – Now one full year into commercial operation, the refinery is generating employment, taxes, local spending, and a use for Alberta’s bitumen resources that aligns with current trends toward lower carbon fuel.

Focus remains on safe, reliable and efficient operation while exploring options to improve the value of the refinery. This includes changes to the Processing and Partnership agreements and other contracts to optimize and better align the structure.

Notable changes extend the agreements from thirty to forty years; optimize the debt and equity components; and transfer NW Refining Inc’s 50% ownership to the Alberta Petroleum Marketing Commission.

Working together with the two partnership owners, we will continue to supply Western Canada and beyond with lower carbon diesel.