The Federal Trade Commission (FTC) has approved Targa Resources Inc.’s purchase of Chevron USA Inc. and Venice Gathering Co.’s combined 54% ownership interest in Venice Energy Services Co. LLC (VESCO) for an undisclosed amount.

The FTC granted an “early termination” notice, which means that it has completed its review of the transaction without taking any action that could have jeopardized the acquisition by Houston-based Targa Resources. Targa currently owns approximately 23% in VESCO. The company said it hopes to close the transaction in the third quarter.

Located near Venice, LA, in Plaquemines Parish, VESCO consists of two cryogenic trains with a total processing capacity of 750 MMcf/d and the Venice Gathering System that collects natural gas in the Gulf of Mexico.

Targa is a provider of midstream natural gas and natural gas liquids (NGL) services in the United States. Its gathering and processing assets are located primarily in the Permian Basin in West Texas and southeast New Mexico, and the Louisiana Gulf Coast. Its NGL logistics and marketing assets are located at Mont Belvieu and Galena Park near Houston, and in Lake Charles, LA, with terminals and transportation assets across the U.S.

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