Pipeline operator Williams Cos. agreed to buy natural gas storage assets from an affiliate of Hartree Partners LP for $1.95 billion in a bet on demand growth for the fuel in the U.S. and overseas markets, reports Bloomberg.
The deal includes six underground storage facilities in Louisiana and Mississippi, Williams said last week in a statement. The company will also get 230 miles of pipeline plus 30 interconnects.
As well as giving Williams storage connected to Transco, the biggest U.S. gas transmission conduit, the transaction positions Williams to gain from further expansion of the nation’s liquefied natural gas export industry.
The purchase adds to Williams’ investments in the Gulf Coast to service LNG exports, which includes the Louisiana Energy Gateway pipeline expansion. Williams also inked a non-binding agreement with LNG export developer Sempra in 2022, though it hasn’t yet finalized the deal. Read more.
