By OGJ editors
HOUSTON, May 22 -- TransCanada Pipelines Ltd., Calgary, agreed to buy the remaining 50% of Foothills Pipe Lines Ltd. from Duke Energy Gas Transmission for $177 million, including $105 million of Duke's share of Foothill's debt.
"Our full ownership of Foothills will allow us to continue to grow and optimize our extensive network of natural gas pipelines," said Hal Kvisle, TransCanada Pipelines CEO. "The Foothills assets fit well with our western Canada facilities and are integral to moving future northern gas to North American markets."
The sale, subject to necessary regulatory approvals, is expected to close in third quarter 2003. Duke Energy expects $72 million in cash proceeds from the deal.
The Foothills' system extends more than 1,000 km across Alberta, British Columbia, and Saskatchewan. Current capacity is 3.3 bcfd.
