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USA:El Paso Corp hives off stake in Paraxylene
plant to Petro-Canada for $74Mn |
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2005-3-25
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North America’s largest natural gas producers El Paso Corporation announced that an indirect subsidiary has sold its 51-percent interest in Coastal Petrochemical L.P. and associated working capital to Petro-Canada for approximately $74 million, subject to post-closing adjustments.
El Paso obtained its interest in the plant as part of its 2001 merger with The Coastal Corporation. The plant, located in Montreal, Canada, is a joint venture between El Paso’s indirect subsidiaries and subsidiaries of Société générale de financement du Québec. The major product produced at the plant is paraxylene, used to manufacture polyester and plastic bottles.
This sale is a part of El Paso’s plan to reduce the company’s debt, net of cash, to approximately $15 billion by year-end 2005. To date, the company has announced or closed approximately $4.2 billion of asset sales. In addition, these announced or closed asset sales have eliminate approximately $1.6 billion of associated non-recourse debt from El Paso’s balance sheet.
El Paso Corporation provides natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America’s largest natural gas pipeline system and one of North America’s largest independent natural gas producers. |
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