GistTree.Com
Entertainment at it's peak. The news is by your side.

AltaGas agrees to pay $715M to double stake in midstream firm Petrogas

0

CALGARY — AltaGas Ltd. says it has agreed to pay $715 million in money to privately held SAM Holdings Ltd. to double its possession half in oil and gasoline liquids handling agency Petrogas Vitality Corp. to 74 per cent.

CALGARY — AltaGas Ltd. says it has agreed to pay $715 million in money to privately held SAM Holdings Ltd. to double its possession half in oil and gasoline liquids handling agency Petrogas Vitality Corp. to 74 per cent.

Calgary-based AltaGas sold a one-third hobby in Petrogas for about $440 million in 2013 as portion of a transaction that allowed joint endeavor accomplice Tokyo-based Idemitsu Kosan Co., Ltd., to moreover manufacture a one-third half.

It says Idemitsu Kosan will secure about 26 per cent of Petrogas after the stop of the recent transaction.

AltaGas CEO Randy Crawford says Petrogas’s Ferndale propane and butane export terminal in Washington tell suits in successfully with the Ridley Island propane export terminal AltaGas opened in B.C. final year.

Crawford added that Petrogas has generated average adjusted earnings of about $186 million per year over the final three years.

Petrogas CEO Stan Owerko, who based the private company 35 years ago, says he’ll step down when the deal closes, nonetheless aid as a specialist over the next 12 to 18 months.

“I actually have had the rare privilege of increasing Petrogas into indubitably one of the largest privately held midstream and logistics companies in North The United States,” Owerko mentioned in a recordsdata free up.

“It is a commercial that I’m proud to have assembled alongside the trusty management crew and skilled workers which will be portion of the corporate, in conjunction with the approximately 300 workers which will be portion of the corporate this day. Then again, or no longer it is an appropriate time to have AltaGas and Idemitsu take beefy possession.”

As well to to the export terminal, Petrogas operates storage terminals, facilities that design drilling fluids, jet gasoline, furnace gasoline and heating oil, and trucking and rail divisions.

This document by The Canadian Press changed into first printed Oct. 16, 2020.

Corporations on this story: (TSX:ALA)

The Canadian Press

Read More

Leave A Reply

Your email address will not be published.