On December 11, 2012, Borealis Infrastructure and Ontario Teachers' Pension Plan Board announced that they and Kinder Morgan Energy Partners had entered into an agreement with Spectra Energy Corp to sell 100 percent of the ownership interests in the Express-Platte Pipeline System for US$1.49 billion.
The 1,717-mile Express-Platte Pipeline System, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, is comprised of both the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to U.S. refining markets in the Rockies area, specifically Billings and Laurel, Montana, and Casper, Wyoming. The pipeline’s capacity is 280,000 barrels a day. The Platte pipeline, which interconnects with Express pipeline in Casper, Wyoming, transports crude oil predominantly from the Bakken and Western Canada to refiners in the Midwest. Platte’s capacity ranges from 164,000 barrels a day in Wyoming to 145,000 barrels a day to Wood River, Illinois.
It is anticipated this transaction will close in the first half of 2013 after regulatory approvals have been obtained.
Borealis Infrastructure invests in and manages a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services.
Ontario Teachers’ Pension Plan, headquartered in Toronto, is the largest single-profession pension plan in Canada.
Spectra Energy owns and operates a portfolio of complementary natural gas-related energy assets and is a natural gas infrastructure company.
Further information can be found on the websites of Canada Newswire and Mergermarket.