UPDATE 1-Canada's Pembina Pipeline raises 2015 budget by 36 pct

Mon Dec 1, 2014 9:07am EST
 
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Dec 1 (Reuters) - Pembina Pipeline Corp, operator of a regional pipeline network in Western Canada, said it had raised its capital budget for 2015 by 36 percent to C$1.94 billion ($1.70 billion).

Pembina said it planned to spend about C$1.12 billion, or 58 percent of its budget, on its conventional pipelines business.

Part of this will be used to fund the expansion of its Peace and Northern NGL pipeline network in Alberta and British Columbia, which is expected to add capacity of 53,000 barrels per day, the company said on Monday.

Calgary-based Pembina said it would spend C$510 million on its storage hubs and truck terminals business, which also includes two natural gas liquids processing (NGL) sites, one of which will get the bulk of the midstream budget.

The company said it would spend C$240 million on its natural gas gathering and processing business.

Pembina's shares have risen nearly 4 percent this year on the Toronto Stock Exchange, closing at C$38.96 on Friday.

($1 = 1.1390 Canadian dollars) (Reporting by Sneha Banerjee in Bengaluru; Editing by Maju Samuel and Ted Kerr)