By the OGJ Online Staff
HOUSTON, May 7 -- Northern Border Partners LP, Omaha, Neb., Monday said it had completed its $100 million purchase of Midwestern Gas Transmission from El Paso Corp.
The deal closed following approval of the US Federal Trade Commission.
The Midwestern system, a 350-mile interstate natural gas pipeline from Portland, Tenn. to Joliet, Ill., provides interconnections to seven major pipeline systems in the Chicago area, including Northern Border (OGJ Online, Mar. 12, 2001).
Bill Cordes, Northern Border chairman and CEO, said, "We look forward to working with the customers of Midwestern. The Midwestern and Northern Border Pipeline systems are very complementary. We believe we can create value for customers on both systems by providing better access to new supplies and markets."
Northern Border Partners LP owns 70% of Northern Border Pipeline Co., which owns a 1,214-mile interstate line that transports gas from the Montana-Saskatchewan border to markets in the midwestern US.
Through Crestone Energy Ventures, the partnership owns interests in major gathering systems in the Powder River and Wind River basins in Wyoming. In addition, the Partnership owns the Black Mesa Pipeline, a coal-water slurry pipeline in the southwestern US.