BP selling Canada Gas unit to Plains Midstream
BP PLC said Thursday it is selling its Canadian natural gas liquids business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline, for $1.67 billion.
The business is involved in extracting, processing and transporting natural gas liquids across Canada and in the Great Lakes region of the United States. It includes 2,600 miles of pipelines, storage facilities, processing plants, and long-term leases on rail cars that move petroleum products. About 450 BP employees will now work for Plains as part of the agreement.
The deal is expected to close in the second quarter of 2012.
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