ENSERCH CORPORATION AND TEJAS GAS FORM PARTNERSHIP
ENSERCH CORPORATION AND TEJAS GAS FORM PARTNERSHIP DALLAS, Jan. 9 /PRNewswire/ -- ENSERCH Corporation (NYSE: ENS) and
Tejas Gas Corporation (NASDAQ-NMS: TEIS) announced today that effective Jan. 1, ENSERCH conveyed all of the assets and business activities of its wholly owned natural-gas pipeline subsidiary, Enserch Gas Transmission Company (EGT), to a new general partnership formed with Tejas. ENSERCH and Tejas each will own 50 percent of the new partnership, Gulf Coast Natural Gas Company. For the net 50 percent interest conveyed, ENSERCH will receive $19.4 million over the next 12 months. There will be essentially no book income effect.
Tejas, through subsidiaries, is the managing partner and operator of the approximately 580 miles of pipeline system that extends along the Texas Gulf Coast from Bee County eastward to a point near the Katy pipeline hub northwest of Houston. The partners will connect this system to Tejas' South Texas pipeline network, thus providing the partnership with greater supply and market access. The system is connected to the pipeline system of Lone Star Gas Company, a division of ENSERCH, and has access to the Waha pipeline hub in West Texas and the Carthage hub in East Texas. ENSERCH Corporation is a diversified energy, engineering and construction company. Tejas Gas Corporation is an intrastate natural- gas pipeline company that now operates 3,200 miles of pipeline, as well as 10 processing and treating plants, primarily in Texas and Louisiana. -0- 1/9/92 /NOTE TO EDITORS: Correct style is ENSERCH Corporation./ /CONTACT: Crystal Bell of ENSERCH Corporation, 214-670-2528/ (ENS TEIS) CO: ENSERCH Corp.; Tejas Gas Corporation ST: Texas IN: OIL SU: JVN SH -- NY029 -- 8150 01/09/92 10:44 EST
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|Date:||Jan 9, 1992|
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