Oneok Announces Purchase Of Interstate Pipeline

Monday, October 8th 2007, 9:11 am
By: News On 6

TULSA, Okla. (AP) -- Natural gas distributor Oneok Partners LP says it's completed the purchase of an interstate pipeline from a subsidiary of Kinder Morgan Energy Partners LP for about $300 million. The transaction was previously announced on July 2.

Oneok said in a news release Monday that the acquired pipeline system extends from Bushton and Conway, Kansas, to Chicago, Illinois, and transports, stores and delivers a full range of natural gas liquids and refined products.

The Tulsa-based company says the pipeline will allow the company to access markets in the upper Midwest.

The acquisition also represents the partnership's first step into the refined petroleum products market, building on its existing core capabilities of transporting, storing and marketing both natural gas and natural gas liquids.

Also included in the purchase is 50% ownership of the Heartland Pipeline Company, which consists of three refined products terminals. ConocoPhillips owns the other 50% of the Heartland joint venture and is the managing partner.