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Shell pipeline to be sold

06.09.07

A pipeline part-owned by Royal Dutch Shell is to be sold, it has emerged.

Reuters reports that the Rainbow pipeline, owned jointly by Shell, Exxon and Imperial Oil, is to be put up for sale as part of an efficiency drive by Imperial.

The pipeline connects to a system supplying the US midwest, carrying oil to refineries in the Edmonton area including Petro Canada’s facilities, the newswire states.

Imperial spokesperson Gordon Wong tells Reuters: “We are initiating a sales offering for Rainbow on behalf of all the shareholders.”

“After doing an analysis on this particular pipeline it was determined to make an offering,” he adds.

The pipeline was initially constructed some four decades ago, according to Reuters, with numerous extensions added in the years since it opened.

Petro Canada’s trading summary for 2006-07 observed that it has one of the best safety records in the industry, with a reduction of 25 per cent in workplace mishaps since 2005.

http://news.crippssears.com/Shell-pipeline-to-be-sold-03a20ba

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