1990s A New Focus

On December 31, 1991 the Hutchison Whampoa group and the Li Ka-shing family became the majority shareholders of Husky. The Company had changed significantly from its humble beginnings in Cody, and had proved its resilience. Husky took on a new business direction, focusing on quality returns, which were needed amidst the economic uncertainty of the early 90s.

The Bi-Provincial Upgrader opened in 1992. After 3.2 million hours of engineering work it was not only a vital component to Husky, but an important accomplishment in Canadian engineering history. In 1998, Husky acquired the remaining 50 percent ownership of the Upgrader, becoming the sole owner and operator of the facility.

Through the Hutchison Whampoa and the Li Ka-shing contacts in Asia, Husky pursued a number of joint venture agreements with the China National Petroleum Corporation and China National Offshore Oil Corporation (CNOOC).

Husky also strengthened its asset base in Canada by purchasing East Coast properties from Talisman, Gulf Canada Resources Ltd., Norcen Energy Resources Ltd., Denison Mines Ltd., and Norsk Hydro. The Company increased its share of the Terra Nova and White Rose projects, and opened its regional office in St. John's, Newfoundland and Labrador. By the end of 1998, Husky held interests in 13 Significant Discovery Areas and three Exploration Licenses off the East Coast.

In Western Canada, Husky commissioned the Meridian Cogeneration Facility in Lloydminster and purchased Mohawk Canada Limited, which doubled the number of Husky retail outlets and added the Minnedosa ethanol plant to Husky's assets.

Husky announced a joint venture oil exploration agreement with CNOOC for offshore exploration in China. The Company planned to invest $100 million and Canadian technology into China over the following five years.

  • Bi-Provincial Upgrader Construction
  • Li Ka-shing with Husky Management
  • Mohawk Service Station
  • Minnedosa Ethanol Plant
  • Terra Nova
  • Hutchison Whampoa and Li Ka-shing became majority shareholders.
  • The Bi-Provincial Upgrader officially opened a joint venture with Husky and the governments of Canada, Alberta and Saskatchewan.
  • John Lau was appointed Chief Executive Officer.
  • Purchased additional Sunrise lease, located in the Athabasca oil sands in northeast Alberta.
  • Acquired Norcen interests in the White Rose and Terra Nova field.
  • Acquired the Bi-Provincial Upgrader along with the Saskatchewan Government.
  • Signed a memorandum of understanding with China National Petroleum Corporation (CNPC) and entered into a joint venture incremental production project (EOR) in China.
  • Celebrated 50 years of operation in the Lloydminster area.
  • Announced a joint venture oil exploration agreement for offshore China with CNOOC.
  • Opened a regional office in St. John's, Newfoundland.
  • Acquired the remaining 50 percent ownership in the Bi-Provincial Upgrader at Lloydminster, making Husky the sole owner and operator.
  • Acquired Mohawk Canada, its ethanol plant at Minnedosa, Manitoba and 300 service stations.
  • Commissioned the Meridian Cogeneration Plant in Lloydminster, to generate thermal energy for the Upgrader and to market electricity to the Saskatchewan power grid.