Gaz Metropolitan & Co. and TransCanada Corp. increased their ownership stake in the northeastern-based Portland Natural Gas Transmission System (PNGTS) after closing on a $56 million purchase from El Paso Corp. The transaction was first announced last month (see Daily GPI, Nov. 19).

Affiliates of TransCanada and Gaz Metro purchased El Paso’s 29.64% stake in PNGTS as part of a plan to support El Paso’s previously announced plan to exit non-core businesses. Gaz Metro increased its overall stake to 38.2% from 26.9% through a $21.6 million purchase of El Paso interest. TransCanada now owns 61.7% of PNGTS.

PNGTS’s 293-mile, 210 MMcf/d interstate natural gas pipeline connects with the Trans Quebec & Maritimes Pipeline, which is jointly owned by TransCanada and Gaz Metro, near Pittsburgh, NH. On its southern end in Maine, it connects with Maritimes & Northeast Pipeline and Tennessee Gas Pipeline. It delivers natural gas throughout New England, including markets in Maine, New Hampshire and Massachusetts.

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