ArcLight Capital Partners LLC announced that ArcLight affiliate Amphora Canada Gas Storage ULC has completed the purchase of Chevron Alberta Gas Storage ULC (CAGS) from Chevron Canada Properties Ltd. CAGS owns a 43% non-operated interest in Alberta Hub Gas Storage. Iberdrola Canada Energy Services Ltd (Iberdrola) owns the remaining interest and operates the Facility.
The Facility is a 42.7 billion ft3 depleted-reservoir natural gas storage facility located 80 miles west of Edmonton, Alberta. It is connected to TransCanada's NOVA Gas Transmission Ltd. (NGTL) system, which provides access to local Alberta markets and to AECO Hub, a major North American natural gas trading center with connectivity to the West Coast, Midwest, and Northeast markets in the United States.
"The acquisition of an interest in Alberta Hub builds upon ArcLight's successful history of investing in North American natural gas storage infrastructure," said Dan Revers, Managing Partner and co-Founder of ArcLight. "The Facility is well-positioned to benefit from the increasing storage spreads driven by broadly rising demand for natural gas in North America and LNG export."
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/04042016/arclight-capital-partners-closes-acquisition-of-interest-in-alberta-hub-gas-storage-2938/