Houston-based Plains All American Pipeline will purchase BP's natural gas liquids business in Canada for $1.67 billion to boost its NGL operations there and in the U.S. The deal, which is expected to be complete early next year, covers 2,500 miles of pipelines, three fractionation plants and 21 million barrels of storage capacity. "This transaction allows Plains to dramatically increase its presence in the NGL and LPG segments," said Daniel Spears, a fund manager with Dallas-based Swank Capital.

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