El Paso sells interest in Australian pipeline - April 18, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryApril 2004

Vol. 9, No. 16

Week of April 18, 2004

El Paso sells interest in Australian pipeline

Ray Tyson

Petroleum News Houston correspondent

Financially troubled El Paso said it agreed to sell its one-third interest in a portion of the company’s Australian pipeline holdings to Hastings Funds Management for about $48 million.

The assets sold include 1,180 miles of pipelines in South Australia, Queensland and Western Australia, the company said April 12, adding that the deal is expected to close in the second quarter of 2004.

El Paso said the sale supports the company’s long-range plan to reduce its debt, net of cash, to about $15 billion by year-end 2005. To date, the company has announced or closed about $3.0 billion of the $3.3 to $3.9 billion of asset sales targeted under the plan.

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