Calgary-based Keyera Corp., whose massive pipeline system intended to move liquids from the Montney Shale is 70% complete, is awaiting a new partner to potentially take half-ownership in the project after the Competition Board of Canada ordered a partner’s sale.


CEO Dean Setoguchi, who discussed second quarter results during a conference call, said the Competition Bureau had secured a consent agreement that would require Energy Transfer Canada ULC (ETC) to sell its 50% stake in the Key Access Pipeline System (KAPS).

Keyera and some Montney Shale producers had expressed concerns about competition after KKR Global Infrastructure raised its ownership in ETC to 100%, while also partnering with rival Pembina Pipeline Corp.

Selling ETC’s stakes would “preserve competition in...