Pembina Pipeline received a "no-action letter" from the Canadian Competition Bureau, meaning that the federal government will not challenge the company’s acquisition of Enbridge’s interest in a joint venture with the Alliance Pipeline and Aux Sable NGL fractionation facilities.
The "no-action letter" satisfies the last regulatory condition necessary to complete the deal, which is expected to be finalized on April 1, Pembina said in a March 19 press release.
In December, Pembina announced that it was acquiring fellow Canadian midstream company Enbridge’s interest in a pipeline and NGL assets for CA$3.1 billion (US$2.2 billion).
The 2,391-mile Alliance natural gas pipeline runs from Northeastern British Columbia and crosses into the U.S. in the Saskatchewan province, terminating at Channahon, Illinois, at the Aux Sable facility.
Aux Sable is one of the largest NGL extraction and fractionation facilities in North America. Aux Sable Cos. are currently owned by Enbridge, Pembina and Williams in the U.S.
Recommended Reading
EOG Resources Wildcatting Veteran Billy Helms to Retire
2024-04-02 - Joining an EOG Resources predecessor in 1981, Helms is among the pre-1986-oil-bust generation who later found success in shale.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
73-year Wildcatter Herbert Hunt, 95, Passes Away
2024-04-12 - Industry leader Herbert Hunt was instrumental in dual-lateral development, opening the North Sea to oil and gas development and discovering Libya’s Sarir Field.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.