Gulf Canada Resources said it closed on a 50-50 partnershipagreement with KeySpan Energy for the operation of its natural gasmidstream business in western Canada. Cash consideration paid byKeySpan was $290 million (US$189 million) to Gulf plus a $100million (US$65 million) loan to the partnership. The cash willoffset significant charges Gulf took during the third quarterprimarily related to crude oil asset write-downs.
Midstream
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Ultramar, Koch Combine Midstream Assets
Seeking greater efficiency in operations, Ultramar DiamondShamrock Corp. (UDS) and a division and two subsidiaries of KochIndustries finalized a joint venture to combine the companies’ gasliquids and petrochemicals operations in Mont Belvieu, TX.
September 2, 1998
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