El Paso Pipeline Interests, Australia
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El Paso Corporation has agreed to sell its one-third interest in a portion of its
Australian pipeline holdings to Hastings Funds Management. The assets sold
include 1,180 miles of pipelines in South Australia, Queensland and Western
Australia. El Paso expects to receive approximately $48 million for its share
in the equity of these assets. The transaction is expected to close in the
second quarter of 2004.
This sale supports El Paso's recently announced long-range plan to reduce
the company's debt, net of cash, to approximately $15 billion by year-end
2005. To date, the company has announced or closed approximately $3.0 billion
of the $3.3 to $3.9 billion of asset sales targeted under the plan.