Spectra Energy Corp. of Houston will become a major mover of Canadian crude oil when its cash offer of $1.49 billion for the Express-Platte Pipeline System closes at the end of the first quarter.
Spectra, which is already a major operator of natural gas pipelines, will buy a one-third stake in the Express-Platte system held by Kinder Morgan Energy Partners, the Ontario Teachers Pension Plan Board, and Borealis Infrastructurethe infrastructure investment unit of the massive Ontario Municipal Employees Retirement System (OMERS) pension plan. The Ontario teachers board and Borealis are joint venture partners in Canada with Kinder Morgan.
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