By OGJ editors
HOUSTON, Nov. 15 -- El Paso Pipeline Partners LP, Houston, will buy the remaining 49% interest it currently does not own in Southern LNG Co. LLC and El Paso Elba Express Co. LLC and an additional 15% interest in Southern Natural Gas Co. from parent El Paso Corp., the companies reported.
Following the $1.33 billion transaction, EPPP will own 100% of SLNG and Elba Express and 60% of SNG. The acquisition will close by the end of this month.
EPPP is a Delaware limited partnership formed by El Paso Corp. to own and operate natural gas transportation pipelines and storage. El Paso Corp. currently owns a 52% limited partnership interest and 2% general partner interest in the partnership.
Before the closing of this transaction, EPPP owns, among other assets, 51% in SLNG, which owns the Elba Island LNG storage and regasification terminal near Savannah, Ga.; 51% in Elba Express; and 45% in SNG. Both Elba Express and SNG are interstate pipeline systems serving the US Southeast.
