-1 C
Fort St. John
Tuesday, December 11, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement
Advertisement

Pembina Pipeline announces $9.7 billion merger with Veresen

CALGARY, A.B. — Pembina Pipeline Corp. announced this morning that it would buy Veresen Inc. in a deal valued at $9.7 billion.

After the merger with Veresen, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across the Western Canadian Sedementary Basin by 2018.

Veresen has been pursuing development of midstream infrastructure in the B.C. Montney region in recent years. The company is currently building 1.5 billion cubic feet per day of gas processing and related compression, gathering and liquids handling network under a long-term, fee-based agreement. Pembina says that the infrastructure is complementary to its roughly 1.7 billion cubic feet per day of field gas processing capacity in the Deep Basin, Duvernay and Alberta Montney. Pembina previously announced a pipeline expansion and lateral development in the B.C. Montney, which would feed into its $2.4 billion Phase III Expansion that is expected to be up and running in July.

- Advertisement -

The Transaction was unanimously approved by the Boards of Directors of both companies and is expected to close late in the third quarter or early in the fourth quarter of 2017.

Author

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Must Read

Cdn environment groups tell world Canada not slowing emissions from oil...

OTTAWA, O.N. - Canada is living in a fantasy if the government thinks it can meet its greenhouse-gas promises without reducing how much oil...