UPDATE: AltaGas Ltd. Provides Update on Major Projects; Sets Monthly Dividend of $0.12 Per Share


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AltaGas Ltd. (ALA.TO) today announced that the Gordondale Gas Plant (Gordondale) and the Harmattan Co-stream project (Co-stream Project) have met commercial in-service requirements. In 2012 AltaGas has added over 420 Mmcf/d of processing capability.

AltaGas also announced today that its wholly owned subsidiary Pacific Northern Gas Ltd. ( PNG ) is carrying out feasibility studies for further expansion of its pipeline system to approximately 600 MMcf/d. The PNG natural gas distribution system is the only natural gas pipeline from the producing regions in Alberta and BC to the west coast of Canada in service today, Altagas said.

Progress on the NW hydro projects remains ahead of schedule and on budget. Construction of the 195 MW Forrest Kerr run-of-river project is 70% complete. The in-river construction commenced in mid-November and the sluiceway diverting the river is now in operation. AltaGas received the water licences for the McLymont Creek and Volcano Creek projects on November 28 and December 3 respectively.

In other news, the company's December dividend will be paid on January 15, 2012, to common shareholders of record on December 27, 2012. The ex-dividend date is December 21, 2012. The amount of the dividend will be $0.12 for each common share.

AltaGas went up by 1% to $33.58 in moving closer to year high $34.54.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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