Fri. Mar 1st, 2024

Enbridge sells its stake in two gas projects to Pembina Pipeline< /p>Open in full screen mode

Enbridge owns 50% of the shares in the Alliance pipeline and 42.7% of the shares in Aux Sables.

Radio-Canada

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Calgary-based Enbridge is selling its shares in the Alliance pipeline as well as the Aux Sables natural gas liquids extraction and fractionation facility, whose main operator is Pembina Pipeline.

The transaction is valued at $3.1 billion.

The 3,848 km Alliance Pipeline transports liquids-rich gas to the commercial hub of Chicago. The liquids are then extracted at the nearby Aux Sable facility, according to the Canada Energy Regulator.

With this sale, Pembina will become the sole operator of the Alliance pipeline.

Enbridge says this transaction will allow it to finance the acquisition of part of Dominion Energy based in the state of Virginia whose price of 14 billion US dollars had previously been announced.

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The agreement should allow Enbridge to double the size of its natural gas utility business.

Pembina says acquisition of stake in the Alliance pipeline and in Aux Sables strengthens its presence in the American market. The company expects to benefit from strong demand for natural gas which will favor the activities of the two projects.

This agreement must be subject to the approval of authorities, but should be finalized in the first six months of 2024.

With information from The Canadian Press

With information from The Canadian Press

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