Spectra Energy Completes Acquisition Of Express-Platte Pipeline System

(RTTNews.com) - Spectra Energy Corp ( SE ) said Thursday it has closed its acquisition of the Express-Platte Pipeline System, purchasing 100% interest in the 1,717-mile, crude oil system for $1.49 billion.

The deal was originally announced in December.

Duane Rae, president, Spectra Energy Liquids, assumes leadership of the Express-Platte System as part of his overall responsibility for developing Spectra Energy's crude oil infrastructure business. Rae most recently served as vice president of field services for Spectra Energy Transmission's operations in Western Canada and previously held the role of president for Spectra Energy Midstream.

The Express-Platte Pipeline System, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, includes the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to refining markets in the Rocky Mountain states. The pipeline's capacity is 280,000 barrels a day. The Platte pipeline, which interconnects with the Express pipeline in Casper, Wyoming, transports crude oil predominantly from the Bakken and Western Canada to refiners in the Midwest. Platte's capacity ranges from 164,000 barrels a day in Wyoming to 145,000 barrels a day in Illinois.

The Express-Platte System is one of just three major pipelines moving crude oil from Western Canada to the U.S. The system also serves the Bakken and Niobrara shale oil plays.

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