Keyera Evaluating Option to Acquire 30% Ownership Position in Norlite Pipeline
CALGARY, Oct. 30, 2013 /CNW/ - Enbridge Inc. ("Enbridge") today announced it
is proceeding with development of the Norlite Pipeline system. As part of a
Memorandum of Understanding between affiliates of Enbridge and Keyera Corp.
(TSX:KEY) (TSX:KEY.DB.A) ("Keyera"), Keyera has the right to participate in
the Norlite diluent pipeline as a 30% non-operating owner. A decision whether
to participate will be made within 30 days.
As part of the service offering, the Norlite system may access certain
existing capacity on Keyera's Fort Saskatchewan Condensate System. This
would allow shippers to access the Enbridge Southern Lights condensate
pipeline, as well as other sources of diluent available within Keyera's Fort
Saskatchewan Condensate System, including its condensate storage facility.
"We are pleased to see the Norlite pipeline moving forward and are evaluating
our potential involvement in the project", said David Smith, President and
Chief Operating Officer of Keyera.
Keyera Corp. (TSX:KEY) (TSX:KEY.DB.A) operates one of the largest natural gas
midstream businesses in Canada. Its business consists of natural gas gathering
and processing as well as the processing, transportation, storage and
marketing of NGLs, the production of iso-octane and crude oil midstream
Keyera's gas processing plants and associated facilities are strategically
located in the west central, foothills and deep basin natural gas production
areas of the Western Canada Sedimentary Basin. Its NGL and crude oil
infrastructure, including pipelines, terminals and processing and storage
facilities, as well as its iso-octane facility, are located in Edmonton and
Fort Saskatchewan, Alberta, a major North American NGL hub. Keyera markets
propane, butane, condensate and iso-octane to customers in Canada and the
This document contains forward-looking statements based on Keyera's current
expectations and assumptions relating to its business, the environment in
which it operates, its future operations, the performance of its assets and
the proposed Norlite pipeline system. As these forward-looking statements
depend upon future events, actual outcomes may differ materially depending on
factors such as: satisfactory evaluation of the economics of the proposed
Norlite pipeline system and negotiation of construction, ownership and
operating agreement (and other related agreements) with Enbridge; sanctioning
of the Fort Hills oil sands project; producer development plans and oilsands
activity levels; the ability of Enbridge to secure all necessary approvals and
consents for the proposed Norlite pipeline system and all associated
facilities; the ability of Enbridge to secure appropriate rights-of-way for
the proposed Norlite pipeline system; producer interest in the services being
offered; construction and input costs; construction scheduling variables;
availability of construction crews and engineering services; ability to source
required parts and equipment; future operating results of the assets; the
ability of Keyera and Enbridge to execute each of their strategic initiatives
in relation to this project and associated services; weather conditions;
commodity supply/demand balances and prices; activities of producers,
competitors, customers, business partners and others; overall economic
conditions; access to capital and financing alternatives; operational risks
associated with pipeline operations, NGL extraction and oilsands activities;
and potential delays or changes in plans with respect to development projects
or capital expenditures or the results therefrom; the legislative, regulatory
and tax environment; and other known or unknown factors. There can be no
assurance that the results or developments anticipated by Keyera will be
realized or that it will have the expected consequences for or effects on
For additional information on these and other risk factors, see Keyera's
public filings on www.sedar.com. The information provided in this release is
given as of the date hereof.
SOURCE Keyera Corp.
Investors and Media Keyera Corp. John Cobb, Vice-President, Investor
Relations, or Julie Puddell, Manager, Investor Relations
Email:email@example.com; Telephone: 403.205.7670 / Toll Free: 888.699.4853
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CO: Keyera Corp.
NI: OIL MNA
-0- Oct/31/2013 02:50 GMT
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