Canada Pension Plan and Wolf Midstream invest big in Alberta pipeline

The Canada Pension Plan Investment Board (CPPIB) and a Calgary energy company are investing $1.4 billion to buy half ownership of a pipeline in northeastern Alberta.

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The Access Pipeline transports blended bitumen anddiluentbetween the Christina Lake area in northeastern Alberta and Edmonton.

Wolf Midstream Inc. will make the purchase fromDevonEnergy with $825 million provided byCPPIB, which manages investments for the Canada Pension Plan.

"We are pleased to work withDevonas a long-term partner supporting its high-qualityoilsandsprojects, and look forward to expanding service with third-party shippers," saidGordSalahor, Wolf's CEO, in a release on Thursday morning.

DevonEnergy is an independent company based in Oklahoma City and listed on the New York Stock Exchange

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