Spectra sells to Keyera

On 8 October 2008, Spectra Energy, based in Houston, Texas, US, announced that its wholly-owned subsidiary Spectra Energy Midstream has entered into an agreement with Keyera Facilities Income Fund under which Spectra Energy Midstream has agreed to sell all of its interests in the Nevis and Brazeau River natural gas gathering and processing facilities to Keyera. The assets to be sold consist of 87 million cu/ft per day of sour gas processing capacity, an acid gas injection facility and an extensive sour gas gathering pipeline network at Brazeau River in Alberta, Canada as well as 150 million cu/ft per day of sour gas processing, a natural gas liquid fractionation and storage facility, and 354km of low pressure gas gathering pipelines associated with Nevis in Alberta. Spectra Energy Midstream currently holds a 100% ownership interest in the Nevis facilities located 30km west of Stettler, Alberta. The company has a minority ownership interest in a processing facility and some related gathering facilities (currently operated by Keyera) located at Brazeau River, 170k SW of Edmonton, Alberta, and a 100% ownership interest in compression and certain other gathering facilities connected to the Brazeau River plant. Subject to receipt of required regulatory approvals and certain other conditions, the transaction is expected to close in the fourth quarter of 2008.
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