El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Announces Close of Sale of Its Interest in Portland Natural Gas Transmission System
HOUSTON, TEXAS, December 8, 2003—El Paso
Corporation (NYSE:EP) today announced that it closed on the sale of its
interest in Portland Natural Gas Transmission System for approximately $56
million. Affiliates of TransCanada Corporation and Gaz Métro purchased the
company's 29.64 percent interest in the partnership. The transaction was
completed on December 3, 2003.
This sale supports El Paso's previously announced 2003 five-point
business plan, which includes exiting non-core businesses quickly but
prudently, and strengthening and simplifying the balance sheet while
El Paso Corporation is the leading provider of natural gas services
and the largest pipeline company in North America. The company has core
businesses in pipelines, production, and midstream services. Rich in
assets, El Paso is committed to developing and delivering new energy
supplies and to meeting the growing demand for new energy infrastructure.
For more information, visit www.elpaso.com.