As it readies an expansion of its Alberta natural gas liquids (NGL) facility, Houston-based Plains All American has agreed to sell its 21% ownership in the Keyera Fort Saskatchewan (KFS) project to operator Keyera Corp. for C$365 million ($270 million).

The transaction, subject to Canadian Competition Bureau review and closing conditions, is set to be completed in early 2023. The divestiture includes all of Plains’ interest in KFS. 

The “win-win announcement allows us to monetize our 21% ownership of the KFS joint venture, while improving key connectivity for our Plains Fort Saskatchewan facility,” CEO Willie Chiang said. “The sale proceeds will be utilized to further lower our leverage, strengthen our financial positioning and potentially reinvest in capital-efficient...