Transaction

ConocoPhillips on Tuesday finalized a transaction with Freeport LNG Development LP to acquire 1 Bcf/d of regasification capacity at its proposed liquefied natural gas (LNG) receiving terminal set to be built in Quintana, TX, obtained a 50% interest in the general partner managing the venture, and it said it would provide “substantial” construction funding.

Dominion signed an agreement to sell 100% of its Dominion Telecom unit to a subsidiary of Elantic Networks Inc. Terms of the transaction were not disclosed. However, Dominion expects to take a loss of up to $30 million related to the sale, which is expected to close in the second quarter. The sale is subject to review or approval by the Federal Communications Commission and regulators in 11 states.

IDACORP Inc. revealed in a federal filing that it has received and will respond to a new request for information about natural gas prices that it has provided to unnamed industry publications. The company said, however, it did not engage in any illegal transactions and believes data it supplied to publications was bona fide. Federal officials did not disclose any other details of the investigation.

Beleaguered CMS Energy Corp. said Friday it will report a major loss for 2002 due to additional write-downs and has suspended payment of dividends indefinitely to bolster its liquidity position.

Tidelands Oil & Gas Corp. has completed the acquisition of 225 miles of large diameter Texas natural gas pipeline from ZG Gathering Ltd. Terms of the transaction including acquisition price were not disclosed. The pipeline travels through the Dimmit, Frio, Uvalde and Zavala counties of Texas. Tidelands said it plans to interconnect this new system to its existing systems, which will deliver natural gas to Tidelands proposed international pipeline crossing at Piedras Negras, Mexico.

Tidelands Oil & Gas Corp. has completed the acquisition of 225 miles of large diameter Texas natural gas pipeline from ZG Gathering Ltd. Terms of the transaction including acquisition price were not disclosed. The pipeline travels through the Dimmit, Frio, Uvalde and Zavala counties of Texas. Tidelands said it plans to interconnect this new system to its existing systems, which will deliver natural gas to Tidelands proposed international pipeline crossing at Piedras Negras, Mexico.

TransCanada Pipelines Ltd. announced late Friday it completed a deal to buy Williams Cos. Inc’s interest. in Northern Border Partners LP for $12 million (US). The transaction provides TransCanada with a general partnership stake in Northern Border Partners, which owns 70% of the Canada-to-Midwest Northern Border Pipeline, and increases TransCanada’s indirect ownership interest in the pipeline.

Gas industry consultant Benjamin Schlesinger, president of Maryland-based Schlesinger and Associates, believes that federal regulators may require all natural gas companies to begin reporting their transactions to FERC in a way similar to what electric companies already do on a quarterly basis. Schlesinger, a 30-year gas industry veteran and former vice president at the American Gas Association, said in an interview that he wouldn’t be surprised at all if FERC issued a notice of proposed rulemaking on the matter sometime between now and December.

A unit of Tulsa-based Williams on Friday completed the initial phase of a South Texas asset sale to a Houston-based subsidiary of Enbridge Inc. Last October, the Canadian-based Enbridge agreed to purchase South Texas natural gas gathering, treating and transmission assets from Williams for approximately $50 million (see Daily GPI, Oct. 12, 2001).