December 1, 2011 / 8:19 PM / in 6 years

UPDATE 1-Pembina sets 2012 capex at C$550 mln

Dec 1 (Reuters) - Pembina Pipeline set its capital budget for next year at C$550 million, 10 percent higher than 2011, as the Canadian oil and natural gas liquids transporter looks to develop its conventional pipelines and gas services projects.

Calgary-based Pembina will allocate C$245 million for the construction of its Saturn and Resthaven enhanced liquids extraction facilities in west central Alberta, along with related pipelines, it said in a statement.

The company will spend about C$55 million to increase capacity to 20,000 barrels per day (bpd) next year, and C$45 million in 2013 to up capacity by an additional 35,000 bpd.

“These expansion projects are necessary so that Pembina can continue to meet the growing needs of producers resulting from new technology and increased activity in plays such as the Montney oil pools,” it said. (Reporting by Gowri Jayakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

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