CALGARY, AB, March 4, 2021 /CNW/ – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX: IPL) announced today that it has joined the Alliance to End Plastic Waste (the Alliance), an international non-profit organization with the vision of ending plastic waste in the environment.
“Being a responsible and conscientious operator has always been a top priority at Inter Pipeline,” said Christian Bayle, President and Chief Executive Officer of Inter Pipeline. “Joining the Alliance is timely given our world-scale integrated polypropylene complex, the first of its kind in North America, is nearing completion. We are already supporting efforts in Alberta to remove plastic waste from the environment through the Plastics Research in Action (“PRIA”) initiative, and the Alliance complements these efforts.”
Formed in 2019, the Alliance consists of more than 50 member companies and supporters representing global companies and organizations from across the plastic value chain. The Alliance partners with government, environmental and non-governmental organizations around the world to address the challenge of ending plastic waste in the environment. Through programs and partnerships, the Alliance focuses on solutions in four strategic areas: infrastructure, innovation, education and engagement, as well as environmental clean-up.
“We are extremely excited for Inter Pipeline to join the Alliance,” said Jacob Duer, President and Chief Executive Officer of the Alliance to End Plastic Waste. “They have already shown a clear commitment to dealing with plastic waste, as seen through their efforts in PRIA. We look forward to incorporating their expertise into our projects.”
Sustainability Efforts at Inter Pipeline
Inter Pipeline’s Heartland Petrochemical Complex (“HPC”) is the first integrated propane dehydrogenation and polypropylene plant in North America. When in service in early 2022, it will be an industry-leading petrochemical development for North America, with one of the lowest greenhouse gas emissions footprints in the world for producing polypropylene. Polypropylene is a high value, easily transported, recyclable plastic used in the manufacturing of an extensive range of finished products and consumer goods, such as packaging, textiles, automobile components, healthcare products and medical supplies.
In association with its HPC, Inter Pipeline funds the PRIA initiative, a $10 million partnership with the Northern Alberta Institute of Technology and other industry partners, researching opportunities to keep plastic out of the environment in Alberta.
About Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation and natural gas liquids processing business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and is building the Heartland Petrochemical Complex — North America’s first integrated propane dehydrogenation and polypropylene facility. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL. www.interpipeline.com
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Cautionary Note Regarding Forward Looking Statements
Certain information contained herein constitutes forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward-looking statements often contain terms such as “may”, “will”, “should”, “anticipate”, “expects” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Such statements reflect the current views of Inter Pipeline with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause Inter Pipeline’s results to differ materially from those expressed in the forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to, and the Company has made certain assumptions regarding, among other things: the top priorities for Inter Pipeline; the timing for the completion of HPC; Inter Pipeline’s efforts through the Alliance to remove plastic waste from the environment; the benefits to be derived from the Alliance and the PRIA initiative; the characteristics of HPC including that it will be an industry-leading petrochemical development for North America and it will have one of the lowest greenhouse gas emissions in the world for producing polypropylene; and the funding of PRIA. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of Inter Pipeline’s businesses include, among other things, risks and assumptions associated with operations, such as Inter Pipeline’s ability to successfully implement its strategic initiatives and achieve expected benefits therefrom or otherwise be implemented by Inter Pipeline, including the further development of its projects and facilities; assumptions concerning operational reliability; the potential delays of and costs of overruns on construction projects (including the Heartland Petrochemical Complex) and future expansions of Inter Pipeline’s assets; the realization of the anticipated benefits of acquisitions and other projects Inter Pipeline is developing; the timing, financing and completion of acquisitions, transactions or other projects Inter Pipeline is pursuing; risks inherent in Inter Pipeline’s Canadian and foreign operations; risks associated with the failure to finalize formal agreements with counterparties in circumstances where letters of intent or similar agreements have been executed and announced by Inter Pipeline; Inter Pipeline’s ability to generate sufficient cash flow from operations to meet its current and future obligations; Inter Pipeline’s ability to maintain its current level of cash dividends to its shareholders; Inter Pipeline’s ability to access sources of debt and equity capital; Inter Pipeline’s ability to make capital investments and the amounts of capital investments; Inter Pipeline’s ability to maintain its credit ratings; the availability and price of labour, equipment and construction materials; the status, credit risk and continued existence of counterparties having contracts with Inter Pipeline and its affiliates and their performance of such contracts; competitive factors, pricing pressures and supply and demand in the oil and gas transportation, natural gas liquids processing and bulk liquid storage industries; increases in maintenance, operating or financing costs; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals or land access rights and maintenance of support of such approvals and rights; risks of war, hostilities, civil insurrection, instability and political and economic conditions in or affecting countries in which Inter Pipeline and its affiliates operate; severe weather conditions and risks related to climate change; terrorist threats; risks associated with technology and cyber security; availability of energy commodities; volatility of and assumptions regarding prices of energy commodities; fluctuations in currency and interest rates; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to Inter Pipeline’s business; the risks associated with existing and potential or threatened future lawsuits and regulatory actions against Inter Pipeline and its affiliates; general economic and business conditions; the effects and impacts of the COVID-19 pandemic as further described in Inter Pipeline’s reports and filings, the extent and duration of which are uncertain at this time, on Inter Pipeline’s business and general economic and business conditions and markets, and such other risk factors, assumptions and uncertainties described from time to time in Inter Pipeline’s reports and filings with the Canadian securities regulatory authorities including in Inter Pipeline’s most recent MD&A and Annual Information Form, and other documents it files from time to time. You can find these documents by referring to Inter Pipeline’s profile on SEDAR (www.sedar.com). Such information, although considered reasonable by 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 are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, 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 news release are expressly qualified by this cautionary note.
All dollar values contained in this news release are expressed in Canadian dollars unless otherwise noted.
SOURCE Inter Pipeline Ltd.