BP Selling Canadian Gas Business To PAA Unit For $1.7B

Law360, New York (December 1, 2011, 3:41 PM EST) -- BP PLC will sell its natural gas liquids and liquefied petroleum gas business in Canada to a Plains All American Pipeline LP subsidiary for $1.67 billion in cash, the oil giant announced Thursday.

The transaction between BP and Plains Midstream Canada ULC is expected to close by the end of the first half of 2012, BP said. PAA estimated the time of closing as late first quarter or early second quarter of next year.

The natural gas liquids supply in the deal is delivered to facilities...
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