Keyera Corp. (TSE: KEY) announced Dec. 31 that it closed the acquisition of a 70.79% ownership interest in the Ricinus deep-cut gas plant in west central Alberta for about $56 million (C$65 million). The seller wasn't disclosed.
Keyera, based in Calgary, became the operator of the facility upon closing.
The Ricinus plant is located about 14 miles (22 kilometers) south of Keyera’s Strachan deep-cut gas plant, which is a sweet gas processing plant that extracts a C3+ mix of NGL. It currently processes about 124 million cubic feet per day, as only one of its two NGL processing trains is in operation.
Keyera plans to increase utilization at the Strachan plant in the future. It also plans to build a new pipeline between the Ricinus plant and Strachan plant, and to invest in associated gas gathering systems.
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