Pembina in midstream deal

Canada

CALGARY, May 1, 2017 – Canada’s Pembina Pipeline Corporation on Monday announced it would be acquiring competitor Veresen in a bid to increase processing and pipeline transport capacity.

The stock-and-cash transaction, valued at USD 7.1 billion, will land Pembina some 1,650 additional kilometres of pipeline that can move some 975,000 bopd.

By 2018, the deal also increases Pembina’s natural gas processing infrastructure to some 164 mcm (5.8 bcf) per day. The two parties expect to finalise the acquisition before the end of this year.

Previous

Libya output makes comeback

Next

BP increases output, profit