CALGARY, A.B. — Pembina Pipeline Corporation announced that its Board of Directors has approved several capital projects in Northeast B.C. in addition to its Prince Rupert LPG Export Terminal.
In addition to the Prince Rupert Terminal, the company’s Board of Directors has sanctioned the development of the North Central Liquids Hub, which supports operations for the Cutbank Ridge Partnership project near Dawson Creek. The estimated capital cost of the project is $320 million and is expected to be placed into service in late 2018. The North Central Liquids Hub will provide separation and stabilization of increased condensate volumes to support the recently in-service Sunrise and Saturn gas plants. The North Central Liquids Hub can also be further expanded to serve future requirements.
“2017 has been a transitional year in Pembina’s history,” said Mick Dilger, Pembina’s President and Chief Executive Officer. “Since the beginning of 2015, we have placed approximately $8 billion of predominately contracted assets into service, marking the culmination of an unprecedented growth strategy implemented in 2013. In addition, we also completed the largest corporate acquisition of our company’s history during the year. We expect to continue this positive momentum into 2018, as we remain focused on completing the remaining growth portfolio and advancing our strategy of creating new market access for our customers. With increased size and scale, greater diversification and a broader service offering, the future is bright for Pembina. We are also excited to continue pursuing the expanded growth opportunities available to us in support of value creation for our shareholders.”
Pembina also said it plans to spend approximately $540 million in its Conventional Pipelines business next year, 40 percent of its overall 2018 capital spending plan.
Pembina will allocate the majority of capital spending within its Conventional Pipelines business to completing the Phase IV and Phase V expansions of the Company’s Peace and Northern pipeline systems. The Company expects to bring both projects into service in late 2018.
The 2018 capital budget for the Conventional Pipelines segment includes funds allocated to the right-of-way cleanup costs associated with Pembina’s Phase III Expansion, which was placed into service at the end of the second quarter of 2017, as well as the Company’s northeast British Columbia pipeline expansion and its Altares lateral, both of which were placed into service in October 2017.
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