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Pembina completes acquisition of Paramount gas processing assets

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World Pipelines,

Pembina Pipeline Corporation has announced that that the company has completed its previously announced acquisition of certain sour natural gas processing assets from Paramount Resources.

"I am very pleased to add these large scale, newly constructed and integrated assets to our Cutbank Complex," said Jaret Sprott, Pembina's Vice President, Gas Services. "These assets will substantially increase Pembina's service offering through the addition of sour processing and strengthens our strategic positioning in one of our core areas. Furthermore, these assets will support some of the most economic geology in North America and are underpinned by a 20 year take-or-pay commitment."

The transaction was funded through net proceeds from the company's previously announced common share offering, which closed on 29 March 2016, as well as existing capacity under the company's recently increased US$2.5 billion credit facility.

Adapted from press release by Rosalie Starling

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