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.

Inter Pipeline Ltd. said Monday that its Cold Lake pipeline was the source of an oil leak discovered late last week in an industrial area east of Edmonton.

Once the transaction closes, Inter Pipeline will have 100 per cent ownership of the Cold Lake system which serves a variety of large oilsands producers including Canadian Natural and Imperial Oil.