Market Report -- In Play (PVX)
November 25, 2009 11:16 AM ET
Provident Energy Trust announced the acquisition of Sarnia storage facility Co announced that it has reached an agreement with Dow Chemical Canada to purchase a commercial storage facility in the Sarnia area for an undisclosed amount. This strategic acquisition expands Provident's Commercial Services platform into Eastern Canada, adds operational and commercial flexibility to the Empress East system and positions Provident Midstream for continued growth in stable fee-for-service margin based business. Provident's 2010 capital budget includes ~$17 million for facility maintenance and upgrades to expand the existing rail facilities at the site and to construct a truck loading terminal. This transaction is expected to close in early 2010.
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