Enbridge Energy Partners Agrees to $133 Million Sale of Natural Gas Transmission System
Posted on: Tuesday, 16 October 2007, 18:00 CDT
HOUSTON, Oct. 16, 2007 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("the Partnership") announced today that it has agreed to sell its interstate natural gas transmission system, commonly known as the Kansas Pipeline System (or "KPC"), for $133 million in cash. The sale to Quest Midstream Partners, L.P., a subsidiary of Quest Resource Corporation, is expected to close in November 2007.
The final price is subject to an adjustment for working capital at close. The Partnership will use proceeds of the sale to partially finance its ongoing $5 billion capital expansion program.
The KPC system extends from three branches, located in northeastern and northwestern Oklahoma and central Kansas, to serve natural gas markets in Wichita and Kansas City. The system includes 1120 miles of pipeline and three compressor stations.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the U.S. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers in the U.S. Midwest account for approximately 11 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver more than 2 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (NYSE:EEQ) (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its principal asset is an approximate 14 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. (www.enbridge.com) is the general partner and holds an approximate 15 percent interest in the Partnership.
This news release was distributed by PrimeNewswire, www.primenewswire.com
CONTACT: Enbridge Energy Partners L.P. Investor Relations Contact: Tracy Barker (866) EEP INFO (866) 337-4636 eep@enbridge.com Media Contact: Bill Stephens (713) 353-6317 usmedia@enbridge.com
Source: PrimeNewswire
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