By OGJ editors
HOUSTON, July 7 -- Navajo Southern Inc., a subsidiary of the Dallas-based Holly Corp., has bought Williams Cos. Inc.'s 45% ownership interest in the 223-mile Rio Grande Pipeline Co. for $275 million, subject to closing adjustments.
Williams' pipeline stake was through its wholly owned subsidiary, Juarez Pipeline Co.
Navajo Southern now owns 70% of the pipeline company, and its partner BP PLC owns 30%.
The pipeline system transports LPG from near Odessa, Tex., to near El Paso, Tex. This pipeline was the first to carry LPG across the US-Mexico boarder. Pemex-Gas y Petroquímica Básica's Méndez transports it to the Méndez terminal near Juárez, State of Chihuahua, Mexico. (OGJ, Aug. 11, 1997, p. 55).
In the process of divesting assets, Williams said it has received nearly $2.75 billion cash from asset sales that have been closed this year.
