El Paso to sell some midstream assets

By OGJ editors

HOUSTON, Apr. 24 -- El Paso Corp., Houston, plans to sell various Mid-Continent and Northern Louisiana midstream assets for $120 million to Regency Gas Services LLC, an investment of Charlesbank Capital Partners LLC.

The transaction, subject to customary closing conditions, is expected to close by the end of the second quarter. The transaction supports El Paso's business plan to simplify its balance sheet while maximizing liquidity.

El Paso has either closed or has under contract noncore asset sales totaling $2.3 billion for 2003. Its asset sales goal for calendar year 2003 is $3.4 billion.

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