Enbridge Energy Partners Closes Sale of Kansas Pipeline System
Posted on: Thursday, 1 November 2007, 18:00 CDT
HOUSTON, Nov. 1, 2007 (PRIME NEWSWIRE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("the Partnership") announced today that the sale of its interstate natural gas transmission system, commonly referred to as the Kansas Pipeline System (KPC), to Quest Midstream Partners, L.P., a subsidiary of Quest Resource Corporation, has closed.
The Partnership confirms that it will use the proceeds from the $133 million sale to partially finance its ongoing $5 billion capital expansion program.
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 2.5 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: Tracy Barker (866) EEP INFO or (866) 337-4636 eep@enbridge.com Media: Bill Stephens (713) 353-6317 usmedia@enbridge.com
Source: PrimeNewswire
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