Pembina Pipeline Corporation and Petrochemical Industries Company K.S.C. of Kuwait have reached key milestones for the previously announced proposed integrated propylene and polypropylene production facility in Sturgeon County, Alberta. Pembina and PIC have executed 50/50 joint venture agreements that includes binding commercial terms in support of the Project and have formed a new entity, Canada Kuwait Petrochemical Corporation. Additionally, Pembina is pleased to announce that CKPC will proceed with activities for front end engineering design for the Project.
Pembina Pipeline Corporation has announced that it has reached an agreement to purchase Veresen for $9.7 billion, a deal that will result in the formation of one of the largest energy infrastructure companies in Canada. The combination of the two companies will create an entity worth approximately $33 billion with a vast collection of transportation assets in some of the most prolific resource plays in North America.
Alberta's economy is on track to get a propane-powered boost thanks to a pair of new projects announced by provincial officials under the Petrochemicals Diversification Program. Announced in February of 2016, the program is providing royalty credits to the pair of operations that will take propane extracted from natural gas resources and produce value-added plastics products used all over the world every day.
Pembina Pipeline Corporation has entered into agreements with a multinational, investment grade customer to construct associated infrastructure relating to the Company's previously announced 100 million cubic feet per day shallow cut gas plant, Duvernay I. The supporting infrastructure includes condensate, gas and water field handling (the "Field Hub"), a gas gathering trunk line and a fuel line for a total expected capital cost of approximately $130 million.
Pembina Pipeline Corporation has announced that it plans to construct, own and operate a new 100 million cubic feet per day (MMcf/d) shallow cut gas plant, in close proximity to Pembina's Fox Creek Terminal. The expected capital cost for this project, including supporting infrastructure, is expected to be approximately $125 million.