BP in $1.7bn Canadian NGL sale

Canadian sale: Bob Dudley-led BP hives off a natural gas business unit

BLOOMBERG

By Eoin O'Cinneide

 01 December 2011 13:00 GMT

BP is bagging almost $1.7 billion in cash through the sale of its Canadian natural gas liquids (NGL) business to a local player.

The sale, once completed, will further swell the UK supermajor's coffers to pay for damage resulting from the disasterous Deepwater Horizon rig explosion and oil spill in the Gulf of Mexico last year.



Plains Midstream Canada will be getting its hands on a business which owns and operates a large gas production and distribution netwrok not just in Canada but also in the Midwest of the US.



"Assets include NGL extraction plants, pipeline gathering systems, fractionation plants, and storage and specification product distribution facilities," BP wrote in a statement…

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