CALGARY – Husky Energy Inc. (TSX:HSE) says that its former president and CEO John Lau is retiring and leaving the company after moving to Hong Kong to set up Husky’s Asian operations.
The Calgary oil giant said Tuesday that Lau, president and CEO of Husky Asia Pacific, has decided to retire effective immediately.
Lau has been with Husky since 1993 and stepped down as president and chief executive last year and relocated back to Hong Kong, where he was born.
Lau, 67, developed Husky’s businesses in the Asia Pacific region, including existing operations in Indonesia and the South China Sea.
“Having established the framework for Husky’s business development in the Asia Pacific region, Mr. Lau has decided to step down and enjoy his well-earned retirement,” the company said in a release.
Husky Energy, controlled by Hong Kong billionaire Li Ka-shing, is one of Canada’s largest integrated oil and gas companies – producing oil, refining it and selling fuel through a gasoline station network.
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Husky is a major oilsands operator, natural gas producer and gasoline marketer and refiner in Canada and the U.S. The company also has growing operations in Southeast Asia, where it is a major player in offshore gas fields.
Husky is developing a deepwater natural gas discovery in Block 29/26 of the South China Sea, one of the largest discovered gas fields off the coast of China. In Indonesia, Husky is developing a plan to produce natural gas from the BD gas field in the Madura Strait.
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In Canada, it owns the Sunrise oilsands project in northern Alberta and is also the operator and 72.5 per cent owner of the White Rose offshore development on the eastern margin of the Jeanne d’Arc Basin, 350 kilometres east of St. John’s, NL.
White Rose has total oil reserves of at least 160 million barrels and is one of Husky’s core assets.
Before joining Husky nearly two decades ago, Lau was a senior executive within Ka-shing’s Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited group of companies.
In Tuesday trading on the Toronto Stock Exchange, Husky Energy shares rose five cents to close at $26.60.
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