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Market Chatter: TransCanada Corp To Buy BP's Stake In Gas Storage Site

By: MT Newswires
Posted: 11/21/2012 7:57:00 AM
Referenced Stocks: BP

TransCanada Corp (TRP.TO) said on Tuesday it would pay $210 million for BP Plc's ( BP ) 40% stake in the Crossfield Gas Storage facility, 50 kilometers (31 miles) north of Calgary, Alberta, to consolidate ownership of the operation, Reuters reported overnight.

TransCanada, the country's largest pipeline company, said the acquisition would give it full control of the site it has operated since last year and adds 27 billion cubic feet of natural-gas storage.

The Crossfield facility is located on TransCanada's pipeline system, which carries Western Canadian gas to Eastern Canada, as well as to California and the Pacific Northwest, and has a capacity of 68 bcf.