News Post
Inter Pipeline's Heartland Petrochemical Complex charges ahead.
The Heartland Petrochemical Complex under construction near Fort Saskatchewan, Alberta appears to be continuing towards its planned startup in 2022. Project operator Inter Pipeline recently rejected what it called a hostile takeover bid from Brookfield Infrastructure Partners LP of Toronto.
Inter Pipeline considered the takeover bid that began in February to be an unwise one to accept, as the company sees the advanced progress made to be an indicator of new growth in 2022. Inter Pipeline’s Special Committee Chairwoman Margaret McKenzie stated that “Our business continues to perform strongly, and we continue to expect that our nearly completed Heartland Petrochemical Complex, the largest growth project in our history, will deliver a step change in cash flow starting next year.” Shareholders were urged to reject the Brookfield bid outright on March 9th.
The Heartland Petrochemical Complex will be Canada’s first integrated propane dehydrogenation and polypropylene complex, with a cost of approximately $4 billion dollars. It is designed to take in around 22,000 barrels daily of local, inexpensive propane to produce 525,000 tons per year of polypropylene, to be used in a wide variety of consumer applications. Inter Pipeline is expecting operations to begin in early 2022.
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