Kinder Morgan Energy Partners LP (KMP) late Wednesday said it sold its Powder River Gathering System and the Painter Unit fractionation facility in Wyoming to Momentum Energy Group LLC for approximately $43 million in cash. The parties also executed a long-term processing agreement at KMP’s Douglas processing plant. Proceeds from the sale will be used to pay down debt. KMP management said the assets were not core to the company’s strategy, which is operating transportation pipelines and terminals. KMP owns or operates more than 27,000 miles of pipelines and approximately 145 terminals. Its pipelines transport more than 2 million bbl/d of gasoline and other petroleum products and up to 9 Bcf/d of natural gas.
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Following on the heels of its merger with El Paso Corp.’s GulfTerra Energy Partners LLP last month, Enterprise Products Partners LP announced last week it is restructuring its board of directors so that most of the general partner’s directors are independent. Enterprise merged with GulfTerra, El Paso Corp.’s energy partnership, in mid-December (see Daily GPI, Dec. 16, 2003).
Aux Sable Liquid Products Inc. said its new natural gas liquids(NGL) extraction and fractionation facilities in Channahon, IL, wentinto operation last Friday in conjunction with the start-up of serviceon the Alliance Pipeline system (see Daily GPI, Dec. 1, 2000).