CALGARY, March 26 /CNW/ - Keyera Facilities Income Fund (TSX:KEY.UN;
KEY.DB) ("Keyera") announced today that it has received approval from the
Alberta Energy Resources Conservation Board to construct facilities to extract
ethane from the natural gas processed at its Rimbey gas plant in west central
Alberta. This is the final approval necessary for the project and work is
expected to begin in the second quarter of this year.
The project involves the modification of the existing natural gas liquids
extraction process at the Rimbey gas plant and the installation of new
compression equipment. In addition, a 32-kilometre pipeline to deliver the
product to existing ethane gathering infrastructure in Alberta will be
constructed. Assuming delivery of long-lead items has not changed
significantly, the project is expected to be completed in mid 2009. When
operational, Keyera will extract about 5,000 barrels per day of ethane, the
majority of which will be incremental to existing supply in the province of
Alberta.
About Keyera Facilities Income Fund
Keyera Facilities Income Fund (TSX:KEY.UN; KEY.DB) operates one of the
largest natural gas midstream businesses in Canada. Its business consists of
natural gas gathering and processing as well as the processing,
transportation, storage and marketing of natural gas liquids (NGLs) and crude
oil midstream activities.
Keyera's gas processing plants and associated facilities are
strategically located in the west central and foothills natural gas production
areas of the Western Canadian Sedimentary Basin. Its NGL and crude oil
infrastructure includes pipelines, terminals and processing and storage
facilities in Edmonton and Fort Saskatchewan, Alberta, a major North American
NGL hub. Keyera markets propane, butane and condensate to customers in Canada
and the United States.
Advisory
This document contains forward-looking statements that involve known and
unknown risks and uncertainties, many of which are beyond Keyera's control.
The forward-looking statements are based on management's current expectations
and assumptions relating to Keyera's business and the environment in which it
operates. As the results or events predicted or implied in these
forward-looking statements depend upon future events, actual results or events
may differ materially from those predicted. Some of the factors which could
cause actual results or events to differ materially include Keyera's ability
to successfully implement planned initiatives, whether those initiatives yield
the expected benefits, construction schedules and costs, the appeal or review
of existing approvals, satisfaction of conditions precedent to commercial
arrangements, the impact of government and industry initiatives, operating and
other costs, future operating results, fluctuations in the demand for natural
gas, NGLs (including ethane) and crude oil, the activities of producers,
competitors and others, the weather, overall economic conditions and other
known or unknown factors. There can be no assurance that the results or
developments anticipated by Keyera will be realized or that they will have the
expected consequences for or effects on Keyera. For additional information on
these and other factors, see Keyera's public filings on www.sedar.com. Unless
otherwise required by applicable laws, Keyera does not intend to publicly
update or revise forward-looking statements, whether as a result of new
information, future events or otherwise.
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