Subject to receipt of required regulatory approvals and certain other conditions, the transaction is expected to close in the fourth quarter of 2008.
Spectra Energy said that the assets to be sold consist of 87 million cubic feet per day (mmcf/d) of sour gas processing capacity, an acid gas injection facility and an extensive sour gas gathering pipeline network at Brazeau River in Alberta, as well as 150mmcf/d of sour gas processing, a natural gas liquid fractionation and storage facility, and 354km of low pressure gas gathering pipelines associated with Nevis in Alberta.
Doug Bloom, president of Spectra Energy Transmission West, said: Part of our plan when we took the Spectra Energy Income Fund private was to rationalize non-core assets held by the fund. This sale represents the timely execution of that plan.
