Calgary, Alberta-based Inter Pipeline Ltd. is considering selling its bulk liquid storage business in Europe, which has about 37 million barrels of capacity across 23 terminals.

Inter Terminals operates in the U.K., Denmark, Sweden, Germany, the Netherlands and Ireland, according to an Aug. 8 news release. If a sale of the business is completed, Inter Pipeline would use the proceeds to cut debt and fund its capital expenditure program, which includes the Heartland petrochemical complex in Alberta.

"Our decision to explore alternatives is consistent with Inter Pipeline's practice of making prudent long-term portfolio management decisions particularly in light of our organic growth initiatives," President and CEO Christian Bayle said in the release.

Inter Pipeline does not expect the process to affect Inter Terminals' existing operations. A definitive timeline to complete the process has not been set, the company said, adding that there is no assurance that a deal will result from it.