Inter Pipeline Fund buying Canadian NGL straddle plants
By OGJ editors
HOUSTON, July 30 -- Inter Pipeline Fund of Calgary has agreed to buy three NGL straddle plants in southern Alberta from Williams Cos. Inc., Tulsa, for $540 million, subject to closing adjustments.
In addition to sale proceeds, the transaction will release $30 million in funds of letters of credit and prepayments to Williams by Dec. 31.
The sale includes 100% ownership interest in the Cochrane and Empress II plants, and 50% ownership interest in the Empress V facility.
The transaction does not involve Williams' olefins business that extracts NGL and olefins from oil sands refining near Fort McMurray, Alta.