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Pembina's Stake in Key Access Pipeline System Is Sold to Stonepeak Partners02/15/2023
Canadian pipeline operator Pembina Pipeline Corp.'s joint venture with KKR & Co. is selling for C$662.5 million ($484.89 million) its 50% stake in the Key Access Pipeline System to private equity firm Stonepeak Partners.
The agreement allows Stonepeak to maintain a pipeline system that conveys NGL to processing facilities for export to Asia, a market with a raising appetite for North American LNG as it refuses to use coal and as the decrease in Russian exports leaves a void in global supply.
The joint venture PGI, which was formed in March through deals and estimated at C$11.4 billion, is possessed 60% by Pembina while KKR's global infrastructure funds have the rest.
Being a 560-km pipeline system, KAPS conveys NGL between western Canada's Montney and Duvernay fields to Keyera's processing facilities in Fort Saskatchewan.
Keyera Corp. will continue possessing the rest 50% stake in KAPS and will maintain the asset. The sale is anticipated closing in the first quarter of 2023.
Pembina owns pipelines that convey hydrocarbon liquids and natural gas products produced primarily in Western Canada. It also possesses gas gathering and processing facilities and an oil and natural gas liquids infrastructure and logistics business. Its operations along the hydrocarbon value chain allow it to offer a full slate of midstream and marketing services to its customers in the energy industry.
Stonepeak’s renewables portfolio is expected to produce almost 2,500-gigawatt hours of annual renewable capacity, which is enough to power about 235,000 US households per year.
West Texas Gas has surveyed roughly 5,000 miles of pipe, made improvements, and avoided almost 8.5 million cubic feet per day of emissions. Its renewables portfolio companies have avoided 157k metric tons of lifetime carbon emissions, which equals taking 124k cars off the road for 1 year.
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On June 5 China Gas Hongda Energy Trading Co. Ltd. has made an LNG sale and purchase agreement (SPA) with Energy Transfer LNG Export, LLC concerning its Lake Charles LNG project. In the course of the 25-year contract, Energy Transfer LNG will provide 0.7 million tonnes per annum (mtpa) of LNG to China Gas on a free-on-board basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge, with first deliveries expected as early as 2026. Being a premier natural Chinese gas distribution company, China Gas enchants Energy Transfer LNG to sign the 25-year LNG offtake agreement. From the direction of ChinaGas, it will be a significant step along the way to realizing China’s carbon peaking and carbon neutrality goals as it is their first long-term agreement.
On January 3, U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners was set to be sold to a unit of Tokyo Gas Co. Ltd. for roughly $4.6 billion, including debt. The all-cash agreement with Houston-based TG Natural Resources, which is 70% possessed by the Japanese energy firm, is decided to be claimed this month, according to anonymous resources, as the discussions were requested to be confidential. Castleton Commodities International (CCI) owns the rest of TG Natural Resources.
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.