BP selling Canada Gas unit to Plains Midstream
(AP, December 1) – BP PLC said Thursday it is selling its Canadian natural gas liquids business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline, for $1.67 billion.
The business is involved in extracting, processing and transporting natural gas liquids across Canada and in the Great Lakes region of the United States. It includes 2,600 miles of pipelines, storage facilities, processing plants, and long-term leases on rail cars that move petroleum products. About 450 BP employees will now work for Plains as part of the agreement.
The deal is expected to close in the second quarter of 2012.
BP made the sale as it works to shed $45 billion in assets, mainly to meet the costs arising from the oil well blowout in the Gulf of Mexico last year.
Separately, Plains on Thursday announced four more recent acquisitions worth an additional $620 million.
They include:
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