OXY UNIT COMPLETES $77.8 MILLION PIPELINE SALE
OXY UNIT COMPLETES $77.8 MILLION PIPELINE SALE LOS ANGELES, Nov. 2 /PRNewswire/ -- Occidental Petroleum Corp.
(NYSE: OXY) said today its MidCon Corp. subsidiary has completed the sale of its Iowa Line to Northern Border Pipeline Co. for $77.8 million. The Iowa Line was built in l990 by Natural Gas Pipeline Co. of America, MidCon's interstate natural gas transmission subsidiary, to connect its system to Northern Border.
Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental Petroleum, said, "The sale of the Iowa Line is a double-barreled win. We recoup our entire original investment in the facility, while keeping the strategic benefit of a direct connection to Northern Border. Natural thereby retains access to the 150 billion cubic feet of annual gas transportation business made possible by deliveries into its system. This permits Natural Gas Pipeline to maintain its position as a key link in the delivery of Canadian gas to markets throughout the United States." The 150-mile, 30-inch-diameter Iowa Line will now become part of Northern Border, extending that system from its former terminus in Hancock County, Iowa, near Ventura, to Keokuk County, near Harper, where it connects to Natural's main transmission pipelines. The Northern Border system originates at the Canadian border near Monchy, Saskatchewan, where it joins a pipeline moving gas from the province of Alberta, Canada. Natural Gas Pipeline Co. of America is a leading natural gas pipeline company, with more than 14,000 miles of wholly and jointly owned pipelines and nine underground storage fields. Natural's lines access virtually all major onshore gas producing areas in the lower 48 states, and can deliver gas to markets throughout the nation through its own lines and strategic connections to other systems. -0- 11/2/92 /CONTACT: Howard Collins, (media) 310-443-6523, or Kenneth J. Huffman, (investors) 212-603-8183, both of Occidental Petroleum/ (OXY) CO: Occidental Petroleum Corp.; Northern Border Pipeline Co. Natural Gas Pipeline Co. of America ST: California IN: OIL SU:
BP -- LA008 -- 1583 11/02/92 11:56 EST
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|Date:||Nov 2, 1992|
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