Plains All American (Nasdaq: PAA & PAGP) through its wholly owned subsidiary Plains Midstream Canada ("Plains"), closed its previously announced transaction to sell its 21% ownership interest in the Keyera Fort Saskatchewan facility to Keyera Corp. for approximately C$367 million (US$271 million).
The Keyera Fort Saskatchewan facility is located near Edmonton, Alberta, one of the key North American NGL hubs, which consists of several different facilities and pipeline assets. The facility is a critical receipt, storage, fractionation and delivery facility for NGL and is connected to other major NGL plants and pipeline systems in the area. The facility's primary assets currently include two fractionation trains with a combined design capacity of approximately 85,000 barrels per day and is able to produce propane, butane and condensate as well as transport a propane and butane mix to Plains' Sarnia facility for further fractionation.
Plains was advised by Fasken by a team comprised of Ron Ezekiel, Sarah Gingrich, Brendan Sawatsky, Brad Schneider and Aman Marwaha.