BP to sell Canadian NGL business for $1.67bn

01 December 2011 14:29  [Source: ICIS news]

TORONTO (ICIS)--BP has agreed to sell its Canadian natural gas liquids (NGL) business to Plains Midstream Canada for $1.67bn (€1.24bn) in cash, the UK-based energy and chemicals major said on Thursday.

BP’s Canadian NGL business owns or has rights to about 4,000km (2,490 miles) of pipeline systems, 21m barrels of storage capacity, and 232,000 bbl/day of fractionation capacity. Most of the assets are in western Canada.

The business being sold employs about 450 people who will transfer to Plains Midstream on completion of the deal, expected by the end of the first half of 2012, BP said.

Plains Midstream Canada is a wholly owned subsidiary of Houston-based Plains All American Pipeline

For more on BP and other producers visit ICIS company intelligence

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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