Summary Box: BP Sells Canada Gas Unit

Published December 1, 2011 10:45PM (EST)

ASSET SALE: BP PLC is selling its Canadian natural gas liquids business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline LP, for $1.67 billion.

BLOWOUT FALLOUT: BP made the sale, expected to close in the second quarter next year, as it works to shed $45 billion in assets, mainly to meet the costs arising from the oil well blowout in the Gulf of Mexico last year.

REGIONAL SCOPE: The business extracts, processes and transports natural gas liquids across Canada and in the Great Lakes region. It includes 2,600 miles of pipelines, storage facilities, processing plants, and long-term leases on rail cars that move petroleum products.

By Salon Staff

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