US Enterprise sells natural gas storage facility for $550m

17 October 2011 15:46  [Source: ICIS news]

HOUSTON (ICIS)--Enterprise Products Partners sold its natural gas storage facilities in Mississippi to Boardwalk HP Storage in a deal worth $550m (€396m), the US-based midstream energy company said on Monday.

The facilities have a storage capacity of 29bn cubic feet (820m cubic metres).

The transaction is expected to close in the fourth quarter, pending regulatory approvals.

“While we believe our Mississippi natural gas storage complex is one of the most attractive on the US Gulf coast, the complex is a standalone asset that does not integrate with our natural gas pipeline systems,” said Enterprise CEO Michael Creel.

Enterprise plans to invest the money from the sale in several energy infrastructure growth projects, Creel added.

($1 = €0.72)

By: Bobbie Clark
+1 713 525 2653

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