BC Gas and partners acquire EnCana Pipeline System

Date Closed: 1/09/2003

Value: $1.175 billion

On January 9, 2003, a consortium of BC Gas Inc., Ontario Teachers' Pension Plan Board and Borealis Infrastructure Management Inc. acquired the Express Pipeline System from EnCana Corporation and its affiliates for $1.175 billion, including the assumption of approximately $582 million in project financing on the system. The pipeline system is a 2,750 km pipeline that delivers crude oil produced in Alberta from Hardisty, Alberta to refineries and other facilities near Casper, Wyoming and to Wood River, Illinois.

Bruce Sinclair, Robert Kopstein and Janette Pantry of BLG provided tax advice to BC Gas on the acquisition.