HOUSTON, Dec. 7, 2005 (PRIMEZONE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("the Partnership") has closed its previously announced sale of midstream natural gas assets to subsidiaries of TexStar Field Services, L.P. for $106 million. The Partnership will use net proceeds from the sale to repay a portion of debt outstanding under its commercial paper program, which was used to provide interim financing for internal growth projects under construction.
The principal assets included in the transaction were: (a) approximately 327 miles of gas gathering pipeline, 121 miles of transmission pipeline and a gas treating facility located in South Texas; and (b) approximately 300 miles of gathering and products pipeline, the Eustace gas processing and treating plant and three other gas treating facilities located in Northeast Texas.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the U.S. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers in the U.S. Midwest account for approximately 10 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver more than 2 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (NYSE:EEQ) (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its principal asset is an approximate 18 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. (www.enbridge.com), is the general partner and holds an approximate 11 percent interest in the Partnership.