El Paso sells Javelina midstream interests

By OGJ editors
HOUSTON, Sept. 29 -- El Paso Corp., Houston, has agreed to sell its Javelina midstream interests to MarkWest Energy Partners LP for $142 million. The sale includes El Paso's 40% interest in the Javelina gas processing and fractionation facility and associated gas pipelines at Corpus Christi, Tex.

With the recently announced sale of South Louisiana processing plants—expected to close shortly—this transaction will conclude the sale of El Paso's midstream assets.

El Paso plans to reduce its debt, net of cash, to $15 billion by yearend. Since Mar. 17, the company has announced or closed $1.4 billion of its targeted $1.2-1.6 billion of asset sales.