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Wolf Midstream closes C$1.61B bitumen pipe, condensate terminal buy

Wolf Midstream Inc. completed its acquisition of the remaining 50% interest in Access Pipeline and 100% interest in the Stonefell Terminal from Canadian producer MEG Energy Corp. for C$1.61 billion.

MEG will receive a C$1.52 billion cash payment upon deal closing and a C$90 million credit toward future expansions of Access Pipeline, such that MEG will no longer pay incremental tolls to fund the expansions. Under the deal, MEG and Wolf Midstream entered into a transportation services agreement for an initial 30-year term dedicating MEG's Christina Lake production and condensate transport to Access Pipeline.

Wolf Midstream is now the 100% owner of Access Pipeline, adding to the acquisition of the initial 50% interest in October 2016, according to a March 22 news release.