LONDON, Dec. 2 (UPI) -- British supermajor BP announced it sold its Canadian natural gas liquids business to a Canadian company for $1.67 billion in cash.
BP said it sold its Canadian natural gas business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline.
BP's natural gas liquid division owned and operated several extraction, distribution and other assets in Canada and the U.S. Midwest. In total, it was in charge of nearly 2,500 miles of pipelines, 21 million barrels of storage capacity and capacity worth around 8.3 billion cubic feet of natural gas per day.
BP has been selling assets to cover costs tied to last year's massive oil spill in the Gulf of Mexico.
U.S. regulators this week said BP, Transocean and Halliburton could face additional legal challenges stemming from the 2010 oil spill in the Gulf of Mexico.
BP Chief Executive Officer Bob Dudley said the sale didn't mean the end to BP in Canada, however.
"Canada remains an important part of our portfolio of growth opportunities to meet North America's energy needs," he said in a statement.
Plains All American said the acquisition "significantly" expands its footprint in the Canadian NGL business.
