Canadian energy infrastructure firms Keyera and Plains All American Pipeline LP (PAA) recently announced plans to officially complete the asset divestiture transaction of Canadian natural gas liquids (NGL) business in May 2026.

This move marks the entry of both companies into the substantive stage of strategically optimizing their North American energy asset portfolios. The transaction involves the transfer of NGL processing facilities and related pipeline interests owned by Keyera, aiming to enhance PAA’s market penetration in Canada’s energy logistics network. Management from both parties revealed that the final closing of the deal will depend on the progress of regulatory approvals and the fulfillment of commercial conditions. As a major adjustment in the North American midstream energy sector, this divestment plan will reshape the NGL supply chain landscape in Western Canada. Analysts point out that by integrating Keyera’s NGL assets, PAA can strengthen its hub position in Alberta’s energy corridor, while Keyera can focus more on its core natural gas processing business.