Kinder Morgan Energy Partners LP has agreed to pay about $50 million to affiliates of BP PLC to increase KMP's ownership stake to 100% in the 1,900-mile 12-in. Cochin Pipeline System between Fort Saskatchewan, Alta., and Windsor, Ont.
By OGJ editors HOUSTON, Jan. 16 -- Kinder Morgan Energy Partners LP has agreed to pay about $50 million to affiliates of BP PLC to increase KMP's ownership stake to 100% in the 1,900-mile 12-in. Cochin Pipeline System between Fort Saskatchewan, Alta., and Windsor, Ont.
KMP, a near 50% stakeholder in the pipeline system, will assume Cochin pipeline operations from majority interest owner BP Canada Energy Co., which presently operates the system.
The transaction is expected to close in the first quarter.
KMP Products Pipelines Pres. Tom Bannigan said BP will continue to be a shipper on the multiproduct pipeline, which transports propane, butane, and NGLs to the US midwest and eastern Canada.
