NuStar Logistics LP and Velocity Midstream Partners said they are developing a pipeline to transport west Eagle Ford Shale condensate from Velocity’s Gardendale Hub to NuStar’s North Beach Corpus Christi, TX terminal.
Purchaser
Articles from Purchaser
Industry Brief
Cheniere Energy Inc. has closed the sale of its 30% limited partner interest in Freeport LNG Development LP for net proceeds of approximately $104 million to ZHA FLNG Purchaser LLC, an entity formed by Zachry American Infrastructure LLC and Hastings Funds Management USA Inc. on behalf of institutional investors, Cheniere said. Net proceeds are to be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary, the company said (see Daily GPI, April 26). The transaction is in line with Cheniere’s strategy of improving its capital structure and reducing debt.
Moody’s Drops Rating on Northern California Public Gas Buyer
After two months of being on a designated watch for possible downgrade, Northern California Gas Authority (NCGA), a gas purchaser for public-sector utilities, had its gas revenue bonds (Series 2007 A and B) rating dropped to “A2” from “A1” by Moody’s Investors Service.
LADWP Still Seeking Group Gas Pre-Pay Deal, Muni Official Says
Los Angeles Department of Water and Power (LADWP), a major purchaser of wholesale natural gas supplies in the West, is still considering taking the lion’s share of a massive 20-year gas supply pre-pay deal that a consortium of public sector utilities in Southern California hopes to have Goldman Sachs structure for them, according to a LADWP executive.
LADWP Still Seeking Group Gas Pre-Pay Deal, Muni Official Says
The nation’s largest municipal utility and a major purchaser of wholesale natural gas supplies in the West, Los Angeles Department of Water and Power (LADWP), is still considering taking the lion’s share of a massive 20-year gas supply pre-pay deal that a consortium of public sector utilities in Southern California hopes to have Goldman Sachs structure for them, according to a LADWP executive who talked with NGI Wednesday.
Long-Term Calpine-GE Deal Coming in 60 Days
In the next 60 days, Calpine Corp. will leave its usual role as a major turbine purchaser to become a partner with GE Energy on a complex beta test of GE’s newest, most efficient combined-cycle turbine system for making electricity, according to Calpine Senior Vice President Bob Fishman.
Devoid of Suitors, Duke Shutters Engage Trading Business
After failing to locate a purchaser for Canadian-based energy trader Engage Energy, Duke Energy confirmed last week that it has decided to close down the division and consolidate some of its operations. The Canadian natural gas and power marketing operation was a division of Westcoast Energy, which Duke purchased in March (see NGI, March 11).