BP PLC said Monday it has closed the sale of its Canadian natural gas liquids business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline L.P.
BP announced the deal, valued at $1.67 billion, in December. The sale is part of its efforts to shed $45 billion in assets, mainly to meet the costs arising from the oil well blowout in the Gulf of Mexico last year.
The Canadian business is involved in extracting, processing and transporting natural gas liquids across Canada and in the Great Lakes region of the United States. It includes 2,600 miles of pipelines, storage facilities, processing plants, and long-term leases on rail cars that move petroleum products.
As of Sunday, BP's remaining business in Canada will fall under BP Canada Energy Group ULC. Those operations include integrated supply and trading business, oil sands, and existing Arctic significant discovery licenses.
Its exploration licenses in the Beaufort Sea will continue to be directed by BP Exploration Operating Company Limited.
Shares of BP rose 34 cents, or almost 1 percent, to close at $45.34. Plaines All American ended up 89 cents, or 1 percent, at $79.34.