Cenovus Energy is ready to support North America energy security.
Rhona DelFrari, Cenovus Chief Sustainability Officer & Senior Vice-President, Stakeholder Engagement, gave some insight Monday into North American energy security and the company’s commitment to sustainable operations in a lower carbon future.
After the merger with Husky Energy, Cenovus became the owner of the refinery in early 2021. As Chief Sustainability Officer, Rhona works to ensure environmental, social and governance considerations are embedded in the company’s strategy and business plans. Rhona is also responsible for leading the company’s communications efforts and building strong relationships with stakeholders.
“All credible forecasts show the world will continue to require oil for many decades. As we transition to a lower carbon future, affordable and reliable energy will remain critical to maintaining quality of life,” Rhona said. “Especially in these times – when the U.S. is looking for reliable, long-term supplies of energy to meet domestic demand, we believe it makes no sense to look to jurisdictions like Russia and Saudi Arabia.”
Canada is one of United States’ oldest trading partners; the two countries have the longest undefended border in the world. Canada has a stable, rules-based democracy, and a strong regulatory system. And, Canada has the third largest oil reserves in the world – the largest of any democratic country, DelFrari said.
“Working together with the U.S., we believe Canada’s oil sector offers a ready-made, sustainable solution to energy security for all North Americans,” she said.
DelFrari also touched on the company’s recent announcement to acquire the outstanding 50 percent of the Toledo Refinery. Becoming the asset’s full owner and operator is a part of the Cenovus plan to grow its footprint in the U.S. Midwest and in refining. The acquisition will make both the Lima and Toledo refineries stronger than they would be on their own, DelFrari said.
Cenovus is already committed to Lima, where the refinery is a top employer and community partner. The refinery’s payroll is about $73 million. The company pays about $600,000 annually in property tax and contributes about $600,000 in social investments every year. Lima Refinery alone supplies a quarter of the gasoline consumed in Ohio.