Canada’s Pembina completes tie up with KKR
Canadian midstream company Pembina Pipeline said August 15 it had completed the melding of its western Canadian natural gas processing assets with those of global investment platform KKR, creating a new joint venture entity, Pembina Gas Infrastructure (PGI).
“We are excited to officially announce the creation of PGI, a premier gas processing entity in Western Canada that will provide incredible value for Pembina, our partner KKR, and our customers,” Pembina CEO Scott Burrows said. “Pembina has enjoyed a strong relationship with KKR at Veresen Midstream over the past four years and the creation of PGI is a natural next step that will unlock growth and provide increased service offerings to customers throughout the Montney and Duverney formations, from central Alberta to northeast British Columbia.”
PGI will have total natural gas processing capacity of some 5bn ft3/day strategically positioned to serve customers throughout the Montney and Duvernay shale trends in western Canada, from central Alberta to northeast BC. Pembina owns 60% of PGI and will operate the joint venture assets, with KKR’s global infrastructure funds holding the remaining 40%.