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 activities.
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 United States.
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 Keyera.
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
SOURCE: Keyera Corp.
For further information:
Investors and Media
John Cobb, Vice-President, Investor Relations, or
Julie Puddell, Manager, Investor Relations
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