Veresen buys stake in Ruby pipeline for $1.43 bln

Mon Sep 22, 2014 3:53pm EDT
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Sept 22 (Reuters) - Veresen Inc said it would buy Global Infrastructure Partners's 50 percent convertible preferred interest in Ruby pipeline system for $1.43 billion.

The company, which operates pipelines and gas-processing facilities, said the pipeline has a capacity of about 1.5 billion cubic feet per day (bcf/d), with a potential to expand to 2 bcf/d.

El Paso Pipeline Partners, a unit of Kinder Morgan Inc , holds the remaining 50 percent interest in the pipeline, which delivers U.S. Rockies natural gas to markets in the western United States, through a common equity interest. (Reporting by Anannya Pramanick in Bangalore; Editing by Don Sebastian)