Pipeline owners must reassess utility of undivided-interest ownership

Undivided interest joint-venture pipelines work best in high entry-barrier markets with cost-focused owners.Such a joint venture can be defined as a form of co-ownership in which each owner has a share or title in a property as if he were sole owner of that share or title.Over the long economic life of a pipeline, however, cost and profit parameters among the owners inevitably diverge, often shifting toward profit emphasis rather than cost control.When competitive pressures in the venture threaten the asset's viability, conversion to joint-venture formats more compatible with profit centers can extend the life of the joint venture.If such conversions are not possible, adjustments to c...

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