By OGJ editors
HOUSTON, Oct. 2 -- Williams Cos. Inc. has reached an agreement to sell its ownership interest in the Canadian and US segments of Alliance Pipeline to Enbridge Inc. of Calgary for approximately $173 million cash. A unit of Williams's gas pipeline subsidiary held a 14.6% interest in the 1,900 mile line, which extends from western Canada to Chicago.
The transaction marks the most recent of several such divestitures that the Tulsa-based firm has revealed in recent weeks.
"This is the third transaction we've announced over the past 8 days related to asset sales that are already completed or in progress," said Steve Malcolm, chairman, president, and CEO. Williams expects the sale to close in 60 days.
The company said that it will, however, retain its interest in the Aux Sable natural gas liquids plant, which processes all gas transported on the Alliance system.