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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