Inter Pipeline says it hopes to conclude its search for a partner in its $4-billion petrochemical project now under construction near Edmonton in the first half of next year.

Inter Pipeline Ltd. has signed a deal to acquire the Milk River pipeline system from a subsidiary of Plains All American Pipeline LP, in exchange for its 100 per cent ownership interest in the Empress II and 50 per cent ownership interest in the Empress V straddle plants.

Inter Pipeline Ltd. is warning that the cost of building its Heartland Petrochemical Complex has risen by about half a billion dollars and its in-service date may be delayed due to factors including the impact of the COVID-19 pandemic.

Inter Pipeline Ltd. is crediting strong results from its oilsands transport system, as well as high utilization of its bulk petroleum storage assets, for fourth-quarter financial results that beat analyst expectations.

The research team will aim to find new opportunities in the province to extend consumer plastic's lifetime with new uses.

Shares in Inter Pipeline Ltd. fell by as much as 4.3 per cent Monday morning after soaring late last week on news that it had rejected an unsolicited takeover from an unnamed bidder.

Inter Pipeline Ltd. confirmed Friday afternoon it received a "proposal'' to purchase the company, in a statement issued at the behest of regulators a few hours after executives refused to discuss the matter on a conference call with analysts.

Oilsands transport company Inter Pipeline Ltd. is reporting record second-quarter net income of $260 million or 63 cents per share, nearly double the $136 million or 35 cents it declared in the same period of 2018.

A $3.5-billion project to turn Alberta propane into plastic pellets for the manufacture of consumer products is to receive $49 million from the federal government.

The complex will convert propane into polypropylene, a plastic used in the manufacturing of products such as automobile parts, containers and Canadian bank notes.