Inter Pipeline Ltd. announced it is exploring the potential sale of its European bulk liquid storage business ("Inter Terminals"). Should a sale be completed, proceeds could be used to reduce outstanding debt and finance Inter Pipeline's capital expenditure program, including the Heartland Petrochemical Complex.

"Inter Terminals is a high-quality business with outstanding management and staff. It has made an important contribution to the success and growth of Inter Pipeline over the past 14-years," said Christian Bayle, President and Chief Executive Officer of Inter Pipeline. "Our decision to explore alternatives is consistent with Inter Pipeline's practice of making prudent long-term portfolio management decisions particularly in light of our organic growth initiatives."

Inter Terminals is one of the largest independent bulk liquid storage businesses in Europe with operations in the United Kingdom, Denmark, Sweden, Germany, Netherlands and Ireland. Inter Terminals has approximately 37 million barrels of storage capacity across 23 terminals. These storage terminals are long life infrastructure assets that are strategically located close to established global market hubs, product delivery channels, refineries and chemical production facilities.

This process is not expected to have an impact on Inter Terminals operations which are continuing in the ordinary course. Inter Pipeline has not established a definitive timeline to complete this process and there is no assurance that a transaction will result from it. Inter Pipeline does not intend to comment further with respect to this process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with the requirements of applicable securities laws.

About Inter Pipeline

Inter Pipeline (TSX: IPL) is a major petroleum transportation, storage and natural gas liquids processing business based in Calgary, Alberta, Canada. We own and operate four business segments operating in western Canada and Europe. Our pipeline systems span over 7,800 kilometres in length and transport over 1.4 million barrels per day (b/d).

We operate 23 strategically located petroleum and petrochemical storage terminals in Europe, which have a combined storage capacity of approximately 37 million barrels. Our NGL business is one of the largest in Canada, processing an average of 3.3 bcf/d in 2018, with the capacity to produce over 240,000 b/d of NGL.

Inter Pipeline’s extensive energy infrastructure base is strategically positioned to compete for future, accretive growth opportunities, both locally and internationally. With a strong balance sheet and proven operational capability, Inter Pipeline is well-positioned to continue generating long-term positive results for our shareholders. 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.