Ashurst advised Petrochemical Industries Company K.S.C. (PIC) on its 50/50 joint venture with Pembina Pipeline Corporation (Pembina), the Calgary based transport and midstream provider, in connection with a proposed integrated propylene and polypropylene production facility in Sturgeon County, Alberta, Canada.

PIC and Pembina formed the joint venture to proceed with the front end engineering design agreement for the facility and, assuming mutual FID approval is obtained, run the project. The facility is anticipated to produce in excess of 1.2 billion pounds per year of recyclable polypropylene, which would be transported to North American and global markets. The preliminary capital cost estimate of the project is CA$3.8 - $4.2 billion (gross).

Commenting, global co-head of oil and gas, Renad Younes, said: "We are delighted to have supported PIC in finalising this transaction, which furthers their global footprint in the petrochemicals sector. It was a pleasure working closely with PIC's General Counsel, Hessa Altwaijri, and others in the PIC team on this challenging and interesting project".

Renad Younes led the Ashurst team with assistance from counsel Chris Young and associate Raquel Tarancon Plata. Stikeman Elliott advised PIC on Canadian law matters.