AltaGas Ltd.

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Description

AltaGas Ltd. increased its effective ownership of Petrogas Energy Corp.

AltaGas Ltd. has increased its effective ownership of Petrogas Energy Corp. to 33-1/3%, the company said on Oct. 24.

AltaGas plans to transfer its current 25 percent ownership to the AltaGas Idemitsu Joint Venture Limited Partnership, which will acquire an additional 41-2/3% interest in Petrogas.

Post-sale, Petrogas will be owned one-third by each of AltaGas, Idemitsu Kosan Co. Ltd. and its current shareholder.

In early 2013, AltaGas and Idemitsu announced plans to pursue liquefied petroleum gas (LPG) and liquefied natural gas (LNG) export opportunities from Canada's West Coast to Asia. LPG exports could begin as early as 2016.

"We are excited about the capabilities all three organizations bring to this international energy business," said David Cornhill, chairman and CEO of AltaGas. "AltaGas and Petrogas bring key infrastructure assets and marketing expertise which, combined with Idemitsu's global leadership in energy supply and access to markets in Asia, greatly enhance our ability to move LPG exports and other opportunities forward."