FORT ST. JOHN, B.C. – Brookfield Infrastructure Partners presented themselves to City Council January 14th, 2019 as they purchased the Western and Canadian Natural Gas Processing Business from Enbridge.
In the presentation, Brookfield shared with Council that they are an alternative asset manager and are worth over $330 billion dollars in assets under management worldwide, with their headquarters in Toronto. They are most known for Real Estate portfolio at $171 billion dollars, then Infrastructure at $54 billion dollars, Private Equity at $44 billion and then Renewable Power at $42 billion.
“Brook field is interested in long-life, quality assets that generate stable cash flow,” said Jay Morrison, External Affairs.
July 4th, 2018, Brookfield and Enbridge announced that they would be transferring Enbridge’s Western and Canadian Natural Gas processing businesses to Brookfield.
Since that time Brookfield announced the creation of a new company, North River Midstream to own and operate these assets.
The transfer of assets is taking place in two phases. The first phase was complete as of October 1st, 2018 shown in the below slide as the dark blue. The transmission lines that are seen in grey remain under Enbridge.
The system that is shown in light blue will be phase two and should be complete within the first half of the year. The plan is to change titles and have the regulators in line with the phase one assets, changing from the National Energy Board to BC Utilities and the BC Oil and Gas Commission. The building in Charlie Lake, the McMahon plant in Taylor and the FSJ gathering system are phase two assets as well.
700 employees and contractors will be transferred at the end of phase two and the same faces will continue to operate the assets in areas around FSJ.
This deal in total represents $4.3 Dollars in assets, 19 facilities and 3500 km of natural gas gathering pipelines.
Not included in the transfer are Grizzley Valley and Pine River Gas Plant.
The Presentation expressed the company is committed to communities, with health and safety, community engagement, environmental stewardship and transparency. On their website, NorthRiver Midstream goes on to say they are committed to ensuring everyone returns home at the end of each day and that our assets are operated in a safe and environmentally responsible manner.
Developing a good working relationship is important to the company as they say they are building their business on a commitment to safety and the environment, as well as their care for employees, contractors and the communities in which they operate.
The presentation finished with an overview of the work being done at the Tupper West Expansion Program, 25km west and south-west of Dawson Creek. Three different aspects which include an expansion to the existing processing plant, a transmission powerline to provide power to existing needs and the expansion plant and third, a new booster compressor station to bring gas up to spec before going to a third party. All three applications for these projects have been applied for and with approvals, as they receive them, plan to start construction in the winter of 2019 and be in service by the fall of 2020
Mayor Lori Ackerman said, “This is definitely a stable infrastructure and it is good to see that it is managed in a way that is an asset that people see as valuable to purchase and invest in.”