Keyera tells Competition Tribunal $5.15B Plains purchase 'pro-competitive'

The Competition Bureau logo is shown in Gatineau, Que., on Thursday, Jan. 29, 2026. THE CANADIAN PRESS/Justin Tang

CALGARY — Keyera Corp. has told the Competition Tribunal that its purchase of Plains’ All American Pipeline LP’s natural gas liquids business does not amount to the acquisition of a “vigorous, effective rival” and was instead a “pro-competitive development.”

The Competition Bureau announced in May that it had applied to the court-like tribunal to challenge the $5.15-billion deal, which closed shortly thereafter.

The federal watchdog argues the purchase is likely to harm energy producers and stifle investment, and that the tribunal should either order the acquisition be dissolved or that Keyera divest some assets.

Calgary-based Keyera and U.S.-based Plains filed their responses to the bureau’s challenge to the tribunal this week.

Keyera says the bureau’s case includes several assumptions about Western Canada’s natural gas liquids industry that are incorrect.

In its arguments, Plains also denies that the deal harms competition, but says that even if that were the case, dissolving it would be “overbroad, intrusive, ineffective, and otherwise unnecessary and inappropriate.”

This report by The Canadian Press was first published July 16, 2026.

Lauren Krugel, The Canadian Press