Two Portland Natural Gas Transmission stakeholders increasing their interest

Sept. 23, 2003
TransCanada Corp., Calgary, exercised its right to increase its ownership interest in Portland Natural Gas Transmission System (PNGTS) to 43.42%, an increase of 10.13%.

By OGJ editors
HOUSTON, Sept. 23 -- TransCanada Corp., Calgary, exercised its right to increase its ownership interest in Portland Natural Gas Transmission System (PNGTS) to 43.42%, an increase of 10.13%.

TransCanada will increase its interest by acquiring a portion of DTE East Coast Pipeline Co.'s interest in PNGTS for $47.1 million, including $27.8 million of assumed debt.

Gaz Métropolitain & Co. LP, Quebec, also announced it will increase its interest in PNGTS to 26.94% from 20.66% through the $11 million acquisition of a portion of DTE.

PNGTS operates a 471 km, 220 MMcfd interstate natural gas pipeline which connects with the Trans-Qué & Maritimes Pipeline near Pittsburg, NM, and has delivery points in Maine, New Hampshire, and Massachusetts.

Another stakeholder, El Paso Corp., Houston, will not exercise its right and will retain its ownership interest of 29.64%.