Enterprise Products Partners has entered into a definitive agreement to sell Mississippi natural gas storage facilities to Boardwalk HP Storage for $550m.
The Mississippi gas storage facilities have a total storage capacity of 29 billion cubic feet.
Enterprise intends to reinvest the proceeds from this sale to partially fund the construction of energy infrastructure projects that will be integral to it’s midstream energy system.
The firm has sold about $1bn of assets in 2011, including the Mississippi facility, through mergers that were either standalone facilities or assets that were not strategic to our system.
The transaction is expected to close in the fourth quarter of 2011, subject to customary regulatory approvals.
