Pembina Pipeline Corporation Announces Expansion of Horizon Pipeline System

abarrelfullabarrelfull wrote on 10 Jun 2015 08:39
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Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) announced that it will expand its existing Horizon Pipeline System ("Horizon") (the "Horizon Expansion") for an estimated capital cost of approximately $125 million.

The Horizon Expansion will increase the pipeline's capacity up to 250,000 barrels per day, which will be achieved predominantly through the upgrading of mainline pump stations and other facility modifications, as required. Subject to regulatory and environmental approvals, the Horizon Expansion is expected to be in service mid-2016.

Andrew Gruszecki, Pembina's Vice President, Oil Sands & Heavy Oil, commented: "The Horizon Expansion reinforces the strategic nature of Pembina's existing Oil Sands & Heavy Oil asset base. Furthermore, the Horizon Expansion, which is underpinned by a long-term agreement, will be beneficial to our shareholders by adding to our growing cost-of-service, low-risk cash flow streams."

Horizon, a 513 kilometre pipeline, was originally commissioned in 2008 and built to connect Canadian Natural Resources Limited's Horizon Oil Sands facility to refineries, export pipelines and other delivery locations in the Edmonton area. Horizon is operated under the terms of a 25-year fixed return contract, which expires in 2034.


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