Competition Bureau challenges Keyera’s proposed acquisition at a critical Canadian energy hub

Bureau investigation found the transaction would harm competition and Canadian energy producers

GATINEAU, QC, May 5, 2026 /CNW/ – The Competition Bureau has filed an application with the Competition Tribunal challenging Keyera Corp.’s (Keyera) proposed acquisition of Plains All American Pipeline L.P.’s (Plains) Canadian natural gas liquids business.

The Bureau is challenging the proposed transaction because it would reduce competition at Canada’s most important natural gas liquids hub at Fort Saskatchewan, Alberta, harming Canadian energy producers and increasing costs across the supply chain.

Natural gas liquids processing, which includes fractionation and storage, is a critical part of Canada’s energy economy, supplying products used to heat homes, support agriculture, and manufacture petrochemicals, while enabling Canadian producers to participate in domestic and international markets.

Following an extensive investigation, the Bureau concluded that the proposed transaction is likely to harm competition in natural gas liquids processing at Fort Saskatchewan, Alberta, Canada’s primary hub for these services.

The Bureau’s review found that the transaction would harm competition by:

eliminating Plains as a close competitor in Fort Saskatchewan, Alberta;
reducing the number of major competitors from three to two, significantly increasing market concentration in natural gas liquids processing; and
giving the merged firm greater ability to increase prices, impose less favourable contract terms, reduce incentives to expand capacity, and further entrench control over critical infrastructure.

The Bureau is seeking an order from the Competition Tribunal to preserve competition in the processing of natural gas liquids at the Fort Saskatchewan hub.

The final decision in this matter rests with the Competition Tribunal.

A backgrounder provides additional information about the Bureau’s review.

Briefing for media

The Bureau will hold a technical briefing for media on May 5, 2026 at 11:30 a.m. (ET). To join, interested recognized media can contact the Competition Bureau media relations by emailing media-cb-bc@cb-bc.gc.ca.

Quotes

“Competitive energy markets are essential to drive investment, innovation, productivity and economic growth in Canada. The Bureau is taking this action to protect competition at a critical energy hub and to ensure that Canadian producers are not harmed by increased concentration and reduced choice.”

Jeanne Pratt,
Interim Commissioner of Competition

Quick facts

Keyera and Plains are two of three major midstream energy companies that operate integrated natural gas liquids fractionation, storage and transportation systems in Fort Saskatchewan, Alberta.
Fort Saskatchewan is Canada’s primary hub for natural gas liquids processing, enabling producers to participate in domestic and international markets.
The proposed transaction would reduce the number of major integrated providers at the Fort Saskatchewan hub from three to two.

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