11 December 2012 14:39 [Source: ICIS news]
HOUSTON (ICIS)--Spectra Energy has agreed to acquire the Express-Platte Pipeline System for $1.49bn (€1.15bn), the Houston-based energy infrastructure firm said on Tuesday.
The 1,717-mile pipeline ships crude oil from western Canada and the US Bakken shale region to refiners in the US Rocky Mountain and midwest regions, the company said.
Spectra is buying the 280,000 bbl/day pipeline from Kinder Morgan, the Ontario Teachers’ Pension Plan, and the Ontario Municipal Employees Retirement System (OMERS).
The Express-Platte System is one of three major pipelines moving crude oil from western ?xml:namespace>
“Given Spectra Energy’s leading position in the natural gas midstream sector, investing in crude oil midstream assets is a logical extension of our business model,” CEO Greg Ebel said.
Spectra expects to complete the transaction in the first half of 2013.
($1 = €0.77)
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