Some of Enbridge’s assets in the Grande Prairie-area are included in the sale of its natural gas processing business. The energy company announced Wednesday morning it is selling its Western Canadian natural gas processing plants and gathering pipelines to Brookfield Infrastructure.
Included in the $4.31 billion agreement are assets in the Montney, Peace River Arch, Horn River and Liard basins in northeastern B.C. and northwestern Alberta. In total, there are 19 natural gas and liquids handling facilities involved, along with 3,550 kilometres of pipeline.
The sale is part of Enbridge’s move to cut costs and reduce its overall debt. Chief executive Al Monaco says with $7.5 billion in sales announced this year, it has doubled the $3 billion it set out to raise last fall.
“When combined with asset monetizations announced in May, the sale of our Canadian G&P Business significantly advances our strategic priority of moving to a pure play regulated pipeline and utility business model.”
The sale still needs to be approved by provincial and federal officials, which could take until 2019. Brookfield says it plans to keep current workers and expects they’ll be able to stay on once the deal is closed.