Plains All American buys remaining 50 percent stake in natural gas unit, gains full ownership
By APFriday, September 4, 2009
Plains buys remaining stake in natural gas unit
HOUSTON — Crude oil transporter Plains All American Pipeline LP said it bought Vulcan Capital’s indirect 50 percent interest in PAA Natural Gas Storage LLC.
On Thursday the company said this move boosts its ownership of the natural gas storage business to 100 percent.
PAA Natural Gas Storage owns and operates about 40 billion cubic feet of natural gas storage capacity in Michigan and Louisiana, with about 10 Bcf of additional capacity currently under construction.
Shares of Plains All American Pipeline fell 11 cents to $47.87 in midday trading.
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