Midstream - Storage | Deals - Acquisition, Mergers, Divestitures
TransCanada Bags BP's CrossAlta Storage Assets for $210MM
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TransCanada Corporation has entered into an agreement to acquire BP's 40 percent interest in the assets of the Crossfield Gas Storage facility. In addition, TransCanada will acquire BP's interest in CrossAlta Gas Storage & Services Ltd., an affiliated marketing joint venture between the two companies.
This $210 million transaction will give TransCanada 100 per cent ownership in the facility located in Crossfield, Alberta, about 50 kilometres north of the City of Calgary. This acquisition adds an additional 27 billion cubic feet of natural gas storage capacity to TransCanada's existing portfolio in Alberta. TransCanada has operated the Crossfield Gas Storage facility since 2011.
"The addition of the Crossfield Gas Storage facility into our existing portfolio will increase our ability to…
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