Pembina Pipeline Acquires FSESLP Interest

On June 24, 2003, Pembina Pipeline Corporation acquired from NOVA Chemicals Corporation, a 50 per cent interest in Fort Saskatchewan Ethylene Storage Limited Partnership (FSESLP) for approximately $185 million. In connection with the sale, NOVA Chemicals renegotiated the storage arrangements and other ancillary agreements with FSESLP and Dow Chemical Canada Inc., the other co-owner and operator of FSESLP. Pembina Pipeline concurrently completed a $220 million issuance of 7.35 per cent convertible subordinated debentures.

Pembina Pipeline was represented by in-house counsel D.J. Watkinson, Q.C., and by Blake, Cassels & Graydon LLP with a team that included Dallas Droppo, Ben Rogers and Scott Hyndman (corporate), Paul Jeffrey (environmental and regulatory), Warren Nishimura (banking) and Ross Bentley (securities).

NOVA Chemicals was represented in-house by Jack Mustoe, senior vice-president and general counsel, and Ron Kemle, senior corporate counsel, and by Osler, Hoskin & Harcourt LLP with a team that included Mark Smith, Peter Piliounis and Martin Mix (corporate/securities) and Michael Hart (banking). Dow Chemical was represented by in-house counsel Mark Bradley, and by Burnet, Duckworth & Palmer LLP with a team that included Bill Winters and Alan Pettie.


R. Ben Rogers A. Scott Hyndman Alan T. Pettie Warren Nishimura Dallas L. Droppo Mark R. Smith William H. (Bill) Winters Ross Bentley Peter A. Piliounis Martin Mix


Blake, Cassels & Graydon LLP Burnet, Duckworth & Palmer LLP