A PYMNTS Company

Canada: Pembina Pipeline makes storage play with $3.3B Kinder Morgan deal

By  |  August 21, 2019

Canada’s Pembina Pipeline has agreed to buy Kinder Morgan Canada and the US portion of the Cochin pipeline for C$4.35 billion ($3.28 billion), bulking up its storage resources in Canada.

Years of delay in building new pipelines have led to Western Canada’s oil production outpacing takeaway capacity and driven up demand for storage tanks.

Pembina’s deal follows an unsolicited bid for rival Inter Pipeline, highlighting growing interest in the midstream business of transporting and storing crude.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.