Suburban Propane sells certain assets
Mar 1, 2002 12:00 PM
Suburban Propane Partners LP, marketer of propane gas and related products and services nationwide, has announced the sale of certain propane-related assets to EPN-NGL Storage LLC, a subsidiary of El Paso Energy Partners LP of Houston TX for $8.4 million in cash. The transaction, which closed Jan 31, 2002, involves the sale of assets associated with a large underground salt dome storage facility in Hattiesburg MS capable of holding up to 170 million gallons of liquefied petroleum gas.
As part of the agreement, Suburban entered into a long-term storage arrangement with El Paso Energy Partners, which will enable Suburban to continue to meet the needs of its retail operations. Proceeds from the sale will be used for general corporate purposes.
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