Daily GPI / NGI All News Access

El Paso Sells Interest in Korean Plant

El Paso Corp. said Monday that it has closed the previously announced sale of its 50% interest in Korean Independent Energy Corp. (KIECO) to Korea Power Investments Co. Ltd. for $284 million. El Paso, which acquired an interest in the facility in 2000, will record a pretax gain of approximately $111 million on the transaction.

KIECO owns a 1,800 MW combined-cycle liquefied natural gas-fired power generation facility in the Republic of Korea that provides peak-load power to the city of Seoul.

The sale supports El Paso's long-range plan to reduce the company's debt, net of cash, to approximately $15 billion by year-end 2005. Since its mid-March update, the company has announced or closed $0.6 billion of its targeted $1.2-1.6 billion of asset sales.

©Copyright 2005 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

Copyright ©2018 Natural Gas Intelligence - All Rights Reserved.
ISSN © 2577-9877 | ISSN © 1532-1231
Comments powered by Disqus