AltaGas acquires Petrogas Energy for C$285M

On July 5, 2022, Idemitsu Canada Corporation ("Idemitsu") closed the C$285 million acquisition of Idemitsu’s 25.97% equity ownership in Petrogas Energy Corp. (“Petrogas”) by AltaGas. Petrogas is now wholly-owned by AltaGas. Idemitsu and AltaGas will continue to assess the potential for future collaborations on prospective energy transition projects.

Idemitsu is a wholly owned subsidiary of Idemitsu Kosan Co., Ltd., that engages in petroleum products, lubricants, asphalt, oil and gas development, renewable energy, coal, petrochemicals and electronic materials.

AltaGas is an energy infrastructure company based in Calgary, Alberta.

McCarthy Tétrault advised Idemitsu with a team led by Kerri Howard that included Ashley Urch and Jamie Gibb (Business).