This excerpt taken from the BP 6-K filed Feb 3, 2009.
Significant transaction in the year
In December 2007, BP signed a memorandum of understanding with Husky Energy Inc. to form an integrated North American oil sands business. The transaction was completed on 31 March 2008, with BP contributing its Toledo refinery to a US jointly controlled entity to which Husky contributed $250 million cash and a payable of $2,588 million. In Canada, Husky contributed its Sunrise field to a second jointly controlled entity, with BP contributing $250 million in cash and a payable of $2,264 million. The Toledo refinery assets and associated liabilities were classified as a disposal group held for sale at 31 December 2007.
These amounts reflect the initial recording of the transaction at 31 March 2008 and subsequent closing adjustments.
Both jointly controlled entities are owned 50:50 by BP and Husky and are accounted for using the equity method.
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