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Kinder Morgan sells Pembina shares for USD764 million

January 22/2020

MOSCOW (MRC) -- Pipeline operator Kinder Morgan Inc (KMI.N) said on Thursday it sold the 25 million shares in Canadas Pembina Pipeline Corp that it received when Pembina bought Kinder Morgan Canada for USD764 million, reported Reuters.

Kinder Morgan said it will use the proceeds to cut its debt.

Canadas Pembina Pipeline had agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for CD4.35 billion (USD3.28 billion) in August.

As MRC wrote before, in February 2019, it was announced that Pembina Pipeline and Petrochemical Industries Co. of Kuwait are moving forward with plans to build a propane dehydrogenation (PDH) and polypropylene complex in Alberta. The plant will convert about 23,000 barrels of propane per day into about 550,000 metric tons of polypropylene (PP) per year. The partners expect it to cost USD4.5 billion and come onstream in 2023. Another firm, Inter Pipeline, is already building a PDH and PP complex in Alberta. It is expected to cost USD3.5 billion and be completed in 2021.

According to MRC's ScanPlast report, the PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.
Author:Margaret Volkova
Tags:PP, homopolymer PP, propylene, Canada, Russia.
Category:General News
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