Plains Buys $1.67 Billion BP Unit to Expand Canadian Liquids Position

Dec. 01, 2011 05:58PM PST

Bloomberg reported that Plains All American Pipeline LP (NYSE:PAA) has decided to buy BP Plc’s (NYSE:BP) natural gas liquids business in Canada for $1.67 billion in cash.

As quoted in the market news:

The acquisition includes about 4,000 kilometers (2,500 miles) of pipelines, 21 million barrels of liquefied petroleum gas storage capacity and seven gas-processing plants, London- based BP said in a statement today.

Click here to read the full Bloomberg report.