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Keyera Enters Long-Term Diluent Handling Agreement with Cenovus

Source: www.gulfoilandgas.com 3/21/2014, Location: North America

Keyera Corp has entered into a long-term agreement with Cenovus Energy Inc to provide diluent handling services in the Edmonton/Fort Saskatchewan area. This agreement will provide Keyera with long-term, take-or-pay and fee-for-service revenues, beginning in 2014.

"We are very pleased to strengthen our relationship with Cenovus" said David Smith, President and Chief Operating officer of Keyera. "This agreement solidifies our position as the premier provider of diluent handling services in the Edmonton/Fort Saskatchewan area and supports further expansions of our asset infrastructure in the region."

Keyera will provide diluent storage services which will increase up to the equivalent of approximately 3 storage caverns by 2018. While Keyera has the capacity to store these volumes at its Keyera Fort Saskatchewan facility ("KFS") in the existing and new storage caverns under development, this agreement will help underpin potential future capital investment in new cavern development as part of Keyera's ongoing storage development strategy. Transportation services will be provided on Keyera's Fort Saskatchewan Condensate System between various diluent supply sources and certain delivery points in the Edmonton/Fort Saskatchewan area. As part of these transportation services, Keyera will utilize its previously announced diluent receipt connection off Kinder Morgan's Cochin Pipeline that is scheduled to be completed in the second quarter of 2014.

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