Spectra Energy to sell business to Plains Midstream Canada

April 5, 2016 By    

Spectra Energy’s indirect subsidiary, Westcoast Energy Inc., entered into an agreement to sell its ownership interests in its natural gas liquids (NGL) business to Plains Midstream Canada ULC.

According to Spectra Energy, Westcoast Energy plans to sell its ownership interests for about $200 million.

Spectra Energy says the transaction includes Westcoast Energy’s Canadian NGL assets, including the Empress NGL extraction and fractionation facility, the PTC transmission pipeline, seven NGL terminals and two NGL storage facilities in western Canada. Spectra Energy adds that the transaction is expected to close during the first half of 2016.

“The Empress NGL business has served us well over the past decade and monetizing it at this time benefits our investors and allows Empress to continue delivering on its successful track record,” says Greg Ebel, president and CEO of Spectra Energy.

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