Companies agree to asset swap involving Empress
By Medicine Hat News on October 1, 2020.
Plains Midstream will gain full control of two more straddle plant operations in Empress in exchange for a portion of its pipeline network via an asset swap with Interpipeline. The two companies announced the arrangement after the stock market closed Monday, stating it should lead to greater efficiencies for both firms. In the deal, Plains Midstream will acquire InterPipelines 100 per cent stake in Empress II plant and 50 per cent stake in Empress V, which are currently operated by Plains. In exchange, Interpipeline will acquire Plains’ ownership of the Bow River Pipeline System from Milk River to Coutts. That 16-kilometre cross-border oil line connects to Plains’ system in Montana. Plains will also pay C$35 million to InterPipeline when the deal, which is subject to regulatory approval, closes in 2021. Plains initially acquired straddle plants in northern Cypress County in 2016 from Spectra Energy. CF expands on Gulf Coast CF industries is moving ahead with a US$41-million expansion to produce more nitric acid at its nitrogen fertilizer plant in Donaldsonsville, Louisiana, according to a state industry board. Louisiana Economic Development reports that the project will add seven full-time positions when complete and will likely qualify for industrial incentive grants offered by that state. Rail and truck loading facilities are part of the project located near the Donaldsonsville facility, which after a US$2.1-billion expansion in 2016 became the world’s largest, according to the company. 12-11
