Inter Pipeline Fund buying Canadian NGL straddle plants

July 30, 2004
Inter Pipeline Fund of Calgary has agreed to buy three NGL straddle plants in southern Alberta from Williams Cos. Inc., Tulsa, for $540 million, subject to closing adjustments.

By OGJ editors
HOUSTON, July 30 -- Inter Pipeline Fund of Calgary has agreed to buy three NGL straddle plants in southern Alberta from Williams Cos. Inc., Tulsa, for $540 million, subject to closing adjustments.

In addition to sale proceeds, the transaction will release $30 million in funds of letters of credit and prepayments to Williams by Dec. 31.

The sale includes 100% ownership interest in the Cochrane and Empress II plants, and 50% ownership interest in the Empress V facility.

The transaction does not involve Williams' olefins business that extracts NGL and olefins from oil sands refining near Fort McMurray, Alta.