Canada Pension Plan and Wolf Midstream invest big in Alberta pipeline
$1.4B deal will make CPPIB and Calgary energy company half owners of Devon Energy's Access Pipeline
The Canada Pension Plan Investment Board (CPPIB) and a Calgary energy company are investing $1.4 billion to buy half ownership of a pipeline in northeastern Alberta.
The Access Pipeline transports blended bitumen and diluent between the Christina Lake area in northeastern Alberta and Edmonton.
Wolf Midstream Inc. will make the purchase from Devon Energy with $825 million provided by CPPIB, which manages investments for the Canada Pension Plan.
"We are pleased to work with Devon as a long-term partner supporting its high-quality oilsands projects, and look forward to expanding service with third-party shippers," said Gord Salahor, Wolf's CEO, in a release on Thursday morning.
Devon Energy is an independent company based in Oklahoma City and listed on the New York Stock Exchange
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