Continuing on with its goal of divesting $3.4 billion in assets for calendar year 2003, El Paso Corp. announced that it has agreed to sell all of the outstanding shares in Enerplus Global Energy Management Co. to Enerplus Resources Fund for approximately $32 million.

Enerplus Resources Fund is Canada’s oldest and largest public conventional oil and gas income fund. In an effort to expand its Canadian business in 2000, El Paso formed a strategic affiliation with The Enerplus Group (see Daily GPI, Aug. 18, 2000).

El Paso said the sale supports its previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity. The transaction still must receive Enerplus Resources Fund unitholder approval and is expected to close in the second quarter 2003.

Earlier in thew week, El Paso announced it had completed or announced $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal (see Daily GPI, March 4).

On Monday, El Paso said it has received $289 million for Valero Energy Corp.’s purchase of El Paso’s Corpus Christi refinery and South Texas refined petroleum product pipeline system and terminal assets (see Daily GPI, Feb. 11). The company also reported that it has closed the previously announced sale of its Florida petroleum terminals and tug and barge operations to TransMontaigne Inc. for approximately $155 million (see Daily GPI, Jan. 15).

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