Riverstone buys stake in pipeline to Ontario petchem market

U.S. energy private equity firm Riverstone Investment Group has agreed to acquire a 50 percent interest in the Utopia Pipeline Project. No financial terms were released. The Utopia Project is focused on constructing a pipeline that transports ethane supply in Ohio to petrochemical companies in the Sarnia-Lambton region of Ontario. Riverstone is buying the stake from Kinder Morgan Inc (NYSE: KMI), which is partnering with Calgary-based Nova Chemicals Corp in the US$500 million project. Along with acquiring existing assets, Riverstone has agreed to contribute to expenditures necessary for the project's construction and commissioning.

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