In a $120 million deal with Enron Corp., EOTT Energy Partners LP has purchased a Texas-based hydrocarbon processing complex and a natural gas liquids storage facility, as well as a liquids pipeline grid system. EOTT also signed a 10-year tolling agreement for production from the hydrocarbon complex and a 10-year storage and transportation agreement to use the pipeline and storage systems with an Enron affiliate.

EOTT, an Enron subsidiary, gave the Enron affiliate all existing third party commodity, transportation and storage contracts associated with the sold facilities. Based in Houston, EOTT is an independent marketer and North American crude oil transporter.

“This acquisition provides EOTT assets with an excellent operating history and an experienced workforce,” said EOTT COO Dana Gibbs, who added that the term agreements would offer stable cash flow “without commodity market or price exposure.” Gibbs said the transaction would increase EOTT’s earnings before interest, taxes, depreciation and amortization (EBITDA) by $20 million on an annualized basis.

EOTT has scheduled a conference call about how the acquisition will be managed at 11 a.m. EDT today, which can be accessed through its Investor Resources web site at www.eott.com.

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