IPPLF - Inter Pipeline says 60% contracted for new Alberta petchem project

Inter Pipeline ([[IPPLF]] +1.1%) says it has signed take-or-pay contracts covering 60% of production from the Heartland Petrochemical Complex it is building in Alberta.The company says it is confident it will achieve its goal of 70% contracted production before the plant, designed to convert propane into polypropylene plastic pellets, starts up in early 2022.When Brookfield Infrastructure Partners ([[BIP]] -0.7%) made its takeover offer for the company in February, it said it would consider increasing the bid if Inter Pipeline can "substantiate" growth and commercialization plans for the $4B Heartland project.Inter says it expects Heartland will generate annual adjusted EBITDA of C$400M-C$450M in its first full year of operation, based on 70% stable contracted sales and 30% merchant sales.Stifel FirstEnergy analysts say achieving 60% contracted sales is below target but "likely above market expectations," but Inter's adjusted EBITDA forecast is less than expected.Heartland was given a financial boost recently when the

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Inter Pipeline says 60% contracted for new Alberta petchem project