Inter Pipeline announces $1 billion spending plan

Inter Pipeline Ltd. says it will shell out $1 billion in capital expenditures in 2021 as it pushes to finish its petrochemical plant.

The Calgary-based company says it will spend $800 million next year on the Heartland Petrochemical Complex, which it now expects to start up in early 2022.

The update on the plant comes after the company said last month it would find a partner for the plant by the middle of next year.

Inter Pipeline says the rest of its capital spending will be spread across several areas, including keeping up on existing projects, making its oilsands pipelines more efficient, working on systems around a traditional oil pipeline connector launched this year, natural gas liquid processing and bulk storage.

But Inter Pipeline says 93 per cent of the $1 billion will be spent on driving new growth.

The energy company says it will fund the spending program through cash from operations and unspent credit.