NOVA Chemicals to sell its share in the Cochin Pipeline for U.S. $64 million
"We are selling our share in the Cochin Pipeline because it is non-strategic and well valued," says Jeffrey M. Lipton, President and Chief Executive Officer for NOVA Chemicals. "The cash from the transaction will be used to pay down debt and as a consequence, strengthen our balance sheet."
The Cochin Pipeline consists of approximately 1,900 miles of 12-inch pipeline operating between Fort Saskatchewan, Alberta, and Sarnia, Ontario. The pipeline transports high vapor pressure ethane, ethylene, propane, butane and natural gas liquids to the Midwestern U.S. and Eastern Canadian petrochemical and fuel markets. Formed in the late 1970's, the pipeline system is a joint venture of subsidiaries BP, Conoco, Kinder Morgan Energy Partners, L.P. and NOVA Chemicals.
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