Tidewater Midstream to Acquire Segment of Pembina's Western Pipeline System
(P&GJ) — Tidewater Midstream and Infrastructure Ltd. has reached a definitive agreement with Pembina Pipeline Corporation and its affiliates to acquire the North Segment of Pembina’s Western Pipeline System in a deal valued at CAD$1.2 million ($870,000) in cash, plus the assumption of abandonment and reclamation liabilities of approximately CAD$30 million ($22 million).
The 377-km (234-mile) crude oil pipeline runs from Taylor, British Columbia, to Prince George, British Columbia, and serves as a critical link to the Prince George Refinery (PGR).
The transaction includes a 25-year interconnection agreement that will allow Tidewater to continue sourcing crude from the Taylor Terminal. The deal is expected to reduce feedstock costs and improve product margins at the refinery, the company said.
“We are excited to announce the agreement to purchase the Western Pipeline,” said Jeremy Baines, CEO of Tidewater. “The transaction provides the opportunity to unlock meaningful cost savings, increase flexibility, and enhance control of our day-to-day refining operations at PGR.”
Tidewater expects the transaction to close on or before Sept. 1, 2025, pending regulatory approvals and customary post-closing adjustments.
Related News
Related News
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Gazprom’s Grandeur Fades as Europe Moves Away from Russian Gas
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
Comments