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TULSA, Okla., Sept. 24, 2002 -- Williams announced recently that it has reached an agreement to sell its ownership interest in the Canadian and United States segments of the Alliance pipeline to Enbridge Inc. for approximately $173 million cash.
Steve Malcolm, chairman, president and chief executive officer, said, "We are getting things done to strengthen our finances. This is the third transaction we've announced over the past eight days related to asset sales that are already completed or in progress."
A unit of Williams' gas pipelines business held a 14.6 percent ownership interest in the 1,900-mile Alliance Pipeline that transports natural gas from western Canada to the Chicago area.
The sale is expected to close within 60 days, subject to regulatory approvals and the rights of other Alliance owners to acquire their pro rata share of Williams' interest.
Williams is retaining its interest in the Aux Sable natural gas liquids plant, which processes all gas transported on the Alliance Pipeline.
Williams' subsidiaries wholly own and operate 20,400 miles of natural gas pipeline, comprised of the Transco, Northwest and Texas Gas systems. These pipelines serve major markets like Seattle, Portland, Ore., Atlanta, New York City and Memphis, Tenn.
About Williams
Williams moves, manages and markets a variety of energy products, including natural gas, liquid hydrocarbons, petroleum and electricity. Based in Tulsa, Okla., Williams' operations span the energy value chain from wellhead to burner tip. Company information is available at www.williams.com .
Source: Williams
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