Crosstex Energy LP and Apache Corp. said they will invest $85 million in a newbuild natural gas processing facility in the Permian Basin in West Texas. The initial phase of the project will provide interim and long-term processing solutions, compression and residue gas takeaway for Apache's Deadwood development in Glasscock County. Crosstex and Apache will fund the project equally and each hold a 50% working interest. Separately, Crosstex will buy and upgrade a nearby rail terminal to provide transportation of natural gas liquids to its Eunice fractionation facility in southern Louisiana.
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