Oneok signs agreement to acquire Northern Plains Natural Gas

Sept. 20, 2004
Oneok Inc., Tulsa, signed an agreement to purchase Northern Plains Natural Gas Co. from CCE Holdings LLC for $175 million.

By OGJ editors
HOUSTON, Sept. 20 -- Oneok Inc., Tulsa, signed an agreement to purchase Northern Plains Natural Gas Co. from CCE Holdings LLC for $175 million.

CCE Holdings is a joint venture of Southern Union Co. and GE Commercial Finance's Energy Financial Services.

Northern Plains, together with its wholly owned subsidiary Pan Border Gas Co., owns 82.5% of the general partnership interest and 500,000 limited partnership units in Northern Border Partners LP. Northwest Border Pipeline Co., a subsidiary of TransCanada Corp., holds the remaining 17.5% of the general partnership interest.

Also included in the sale is NBP Services Corp., which provides administrative and operating services to Northern Border Partners.

The transaction is subject to CCE Holdings closing its acquisition of CrossCountry Energy LLC from Enron Corp. and certain of its affiliates, which is expected to occur no later than mid-December.

CrossCountry Energy currently holds Enron's North American pipeline interests, including 100% of Northern Plains.