A unit of Williams said Thursday it is buying TransCanada Pipeline Ltd.�s 49.25% interest in the ACCROVEN project in Venezuela.
The deal is subject to government approval. Financial terms were not disclosed.
Located in the Eastern Cryogenic Complex of Venezuela, the project includes the construction and operation of two 400 MMcfd gas liquids extraction plants, a 50,000 b/d gas liquids fractionation plant, and associated storage and refrigeration facilities for Petroleos de Venezuela S.A. (PDVSA).
Construction on the project began in mid 1999, with the three plants scheduled for operation in May 2001.
John Bumgarner, Williams International president, said, �This roject fits strategically with Williams' other investments in Venezuela. We expect ACCROVEN will provide PDVSA with significant natural gas liquids volumes available for export, as well as residue gas used to maintain and enhance oil recovery in eastern Venezuela.''
Williams is involved in two enhanced recovery projects in Venezuela, El Furrial and PIGAP II. It also operates the Jose Crude Oil Storage and Ship Loading Terminal.