Pipeline company Genesis Energy LP has announced that it will buy Enterprise Products Partners LP's Gulf of Mexico pipelines and services business for about US$1.5 billion to expand its offshore pipelines business.
Enterprise said the sale will help fund asset purchases in the Eagle Ford and Permian basin in Texas.
What is being sold?
The offshore assets being acquired by Genesis include Enterprise's stake in nine crude oil pipeline systems and nine natural gas pipelines.
The assets include approximately 2350 miles (3800 km) of oil and natural gas pipelines and six offshore hub platforms.
The transaction will make Genesis the 64% owner of the Poseidon Oil Pipeline System and full owner of the Southeast Keathley Canon Oil Pipeline and the Cameron Highway Oil Pipeline systems.
Genesis Energy said it expects the acquisition to add to its four offshore pipelines in the Gulf of Mexico.
Edited from various sources by Elizabeth Corner
Read the article online at: https://www.worldpipelines.com/business-news/17072015/genesis-to-buy-gom-pipeline-assets-from-enterprise-products/