By OGJ editors
HOUSTON, Aug. 9 -- Crosstex Energy LP, Dallas, agreed to acquire El Paso Corp.'s gas processing and liquids business in southern Louisiana for $500 million.
The agreement remains subject to regulatory approvals. Closing is expected in the fourth quarter.
The assets to be acquired include 2 bcfd of processing capacity, 66,000 b/d of fractionation capacity, 2.4 million bbl of underground storage, and 140 miles of liquids transport lines. They include:
--The Eunice 2.1 bcfd processing plant and 36,000 b/d fractionator, currently processing in excess of 850 MMcfd of gas.
--The 300 MMcfd Pelican processing plant, currently operating at capacity and being expanded to 600 MMcfd.
--The 300 MMcfd Sabine Pass processing plant, recently handling about 290 MMcfd.
--A 23.85% interest in the Blue Water gas processing plant, representing capacity net to the acquired interest of 186 MMcfd, of which about 40 MMcfd is in use.
--The 30,000 b/d Riverside fractionator and loading facility, which handles liquids from the Pelican and Blue Water plants and is connected to a 2.4 million bbl natural gas liquids storage facility at Napoleonville.
