(Source: Shutterstock.com)
Tidewater Midstream and Infrastructure (TWM) reached an agreement to acquire the North Segment of Pembina Pipeline Corp.’s Western Pipeline System, a key crude oil conduit in northeastern British Columbia, Tidewater said May 6.
Both companies are based in Canada.
The deal includes a CA$1.2 million (US$870,000) payment as well as the assumption of abandonment and reclamation liabilities estimated at CA$30 million (US$21.75). The transaction is expected to close by September.
The 377-km Western Pipeline runs from Taylor, British Columbia to Prince George, British Columbia, and is a crude supply link to the Prince George Refinery (PGR). Tidewater and Pembina have agreed to a 25-year interconnection agreement.
“The transaction provides Tidewater with the opportunity to unlock meaningful cost savings and increased flexibility and control of our day-to-day refining operations at the PGR,” said Jeremy Baines, Tidewater CEO.
Baines said that the acquisition is expected to reduce feedstock costs and improve product margins, aligning with Tidewater’s broader strategy of optimizing its refining assets.
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