PIPELINES / TransCanada Concludes Purchase of AEC Shares in PanAlberta Resources Inc.
CALGARY, Jan. 6 /CNW-PRN/ - TransCanada Midstream (TCM), a business unit of TransCanada PipeLines Limited, today announced the purchase of Alberta Energy Company's outstanding shares (49.995 per cent) in PanAlberta Resources Inc. (PARI) for $35 million plus approximately $7 million in assumed debt.
PARI owns 50 per cent of the Empress II straddle plant and holds natural gas liquids extraction rights with respect to gas volumes of Pan-Alberta Gas Ltd.
''The purchase of the outstanding shares in PARI consolidates and strengthens our position in the Empress Natural Gas Liquids (NGLs) complex,'' said Randy Findlay, TransCanada Senior Vice President and President, TransCanada Midstream. At the Empress site TCM currently has 2.5 billion cubic feet per day of processing capacity with another 500 million cubic feet per day of capacity under construction. ''The natural gas liquids business provides value-added services to producers and users of natural gas liquids,'' he said.
TransCanada is a leading North American energy services company with businesses in transmission, marketing, and processing. The company, through its Cdn$25 billion asset base, provides high value-added energy service solutions to the North American and international marketplace. Common shares trade under the symbol TRP, primarily on the Toronto, Montr\006al and New York stock exchanges.
TransCanada's Midstream business unit is one of the largest producers of natural gas liquids in North America. Its assets have a daily processing capacity in excess of nine billion cubic feet of natural gas and more than 210,000 barrels of natural gas liquids.
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