Inter Pipeline Fund Provides Update on Corridor Expansion Project and Announces April 2008 Cash Distribution
CALGARY, ALBERTA--(Marketwire - April 7, 2008) - Inter Pipeline Fund (Inter Pipeline) (TSX:IPL.UN) announced today that it continues to make significant advancements on the $1.8 billion capacity expansion project currently in progress on the Corridor pipeline system. Upon completion of the expansion, bitumen blend capacity is expected to increase by 165,000 barrels per day (b/d) to 465,000 b/d.
During this winter's active construction season, 186 kilometers (km) of 42-inch diameter line pipe was successfully installed, increasing the total to 431 km or 93% complete. Inter Pipeline is planning to construct approximately 33 km of 42-inch pipe and 43 km of 20-inch pipe during the upcoming summer construction season, completing the pipeline installation for the expansion. Facility construction is also progressing well with civil and structural work nearing completion at four new pump stations. Mechanical and electrical construction is expected to commence in the second quarter of 2008. Overall, the Corridor expansion project remains on budget and on schedule with an anticipated in-service date in 2010.
Inter Pipeline also announced the declaration of a cash distribution of $0.07 per unit for April 2008. This distribution will be paid on or about May 15th to unitholders of record on April 30, 2008.
The monthly cash distribution rate of $0.07 per unit is subject to periodic review by the Board of Directors of Inter Pipeline's General Partner. Over the past several years, Inter Pipeline has been successful in maintaining stable and increasing levels of distributions to unitholders.
Inter Pipeline Fund
Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland. Additional information about Inter Pipeline can be found at www.interpipelinefund.com
Inter Pipeline is a member of the S&P/TSX Composite Index. Class A Units trade on the Toronto Stock Exchange under the symbol IPL.UN.
Only persons who are residents of Canada, or if partnerships, are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada) are entitled to purchase and own Class A Units of Inter Pipeline.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. Such information, although considered reasonable by the General Partner of Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline's securities filings at www.sedar.com. Except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.
All dollar values are expressed in Canadian dollars unless otherwise noted.
ContactInter Pipeline Fund
Vice President, Capital Markets
Toll Free: 1-866-716-7473
Inter Pipeline Fund
Director, Public and Regulatory Affairs