Plains All American Pipeline Acquires Spectra Energy’s Canadian NGL Business for $204 Million
[Click image to enlarge]
Plains All American Pipeline, L.P.‘s wholly owned subsidiary, Plains Midstream Canada ULC (PMC), has completed the acquisition of the Canadian natural gas liquids (NGL) business from Westcoast Energy Inc., a wholly owned subsidiary of Spectra Energy Corp, for a cash purchase price of approximately C$267 million (USD $204 million), including approximately C$67 million (USD $51 million) for inventory and working capital.
“PMC has been looking for the right opportunity to strengthen our strategic position and further optimize one of our core business areas. Integrated with our current infrastructure, these assets create flexibility and optionality in our NGL business platform supporting continued long-term profitability and growth for PMC,” said Dave Duckett, chief executive officer of PMC.
The acquisition includes an integrated system of assets, consisting of the Empress NGL extraction and fractionation facility, the Petroleum Transmission Company (PTC) pipeline, seven NGL terminals and two NGL storage facilities in Western Canada.
“This transaction also builds on a long-term track record of driving significant value through acquisitions, and we look forward to working with our stakeholders to continue to operate safely and in an environmentally and socially responsible manner,” said Duckett.
About Plains All American Pipeline
Plains All American Pipeline, L.P. (PAA) owns and operates midstream energy infrastructure and provides logistics services for crude oil, NGLs, natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminaling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 4.6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.
To stop by PAA’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2016 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
