Jones Day is advising Japanese oil company Idemitsu Kosan Co. Ltd. on its $374.3 million investment in Canada’s Petrogas Energy Corp.
Idemitsu, one of Japan’s largest oil refiners, is making the investment along with equal-share joint venture partner AltaGas Ltd. of Canada. The two companies are paying a total of $748.5 million for a 66.7 percent stake in Petrogas which specializes in midstream oil and gas services in Canada and the United States.
The two-thirds stake will include a 25 percent share of Petrogas that AltaGas purchased earlier this month. The deal is expected to close in the first quarter of next year.
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