CALGARY – Petrogas Energy Corp. is buying a U.S. storage and distribution terminal for propane, butane and iso-butane from Chevron USA Inc.
Calgary-based Petrogas says the terminal is a strong fit for AltaGas Ltd. (TSX:ALA), which has a 25 per cent stake in Petrogas.
It will also provide an outlet for producers in Western Canada, Petrogas said.
The facility in Ferndale, Wash., can handle up go 30,000 barrels per day of liquefied petroleum gas, or LPG, for U.S. domestic consumption.
Petrogas said the price of the terminal is confidential but it expects the transaction to close on March 31.