By the OGJ Online Staff
HOUSTON, Oct. 25 -- Enbridge Energy Partners LP agreed to buy natural gas gathering, treating, processing, and transmission assets in East Texas from Koch Midstream Services Co. LLC for $230.5 million.
The recently renamed Lakehead Pipe Line Partners LP is the primary US acquisition vehicle for Enbridge Inc., Calgary (OGJ Online, Sept. 12, 2001).
The deal includes the East Texas system, which gathers 400 MMcfd of gas for delivery to the hub at Carthage, Tex. In all, it covers the acquisition of 1,880 miles of natural gas gathering pipeline systems, which range in size from 4 to 20-in., and includes 37 compressor stations, 4 gas treating plants with a capacity of 595 MMcfd, and 3 gas processing plants with a combined capacity of 375 MMcfd.
The purchase, which is subject to regulatory approval, should close in December.
Enbridge Partners also reported third quarter net income of $6.6 million on operating revenue of $75.9 million, compared with net income of $14.2 million on operating revenue of $74.9 million for the third quarter 2000.