Pathfinder Pipeline project

TransCanada Corp., affiliates of Enterprise Products Partners LP and Quicksilver Gas Services LP have announced that they have signed a Memorandum of Understanding (MOU) regarding the proposed Pathfinder Pipeline project. Pursuant to the MOU, Enterprise and Quicksilver Gas Services would acquire up to an aggregate 50% ownership in the proposed Pathfinder Pipeline project and commit to ship a total of 500MMcf/d for a 10yr term, on the Pathfinder Pipeline, subject to the execution of definitive agreements. Enterprise and Quicksilver Gas Services would own up to 40% and 10%, respectively, of the Pathfinder Pipeline. Enterprise and Quicksilver Gas Services anticipate forming a new entity, which will contract for the 500MMcf/d shipping position. Enterprise will own 80% of this new entity and Quicksilver Gas Services will own the remaining 20%. Upon execution of Enterprise’s and Quicksilver Gas Services’ option to acquire ownership, TransCanada’s ownership in Pathfinder would be reduced from 100%. TransCanada will continue to be responsible for developing, constructing and operating Pathfinder. The Pathfinder Pipeline project is designed to provide initial service from Meeker, Colorado to the Northern Border Pipeline Company system. A subsequent expansion would extend service from Northern Border to both the Great Lakes Gas Transmission System and TransCanada’s Canadian Mainline pipeline system at Emerson, Manitoba. The initial capacity of the pipeline will be 1.2 billion cu/ft per day. The first phase of the proposed 915mi Pathfinder Pipeline project, which would transport natural gas north from Meeker, Colorado through Wamsutter, Wyoming to Northern Border, has an anticipated in-service date of late 2010. The second phase extending the pipeline to Emerson, where gas can be shipped to Eastern markets or storage facilities using the Great Lakes Gas Transmission system and TransCanada’s Canadian Mainline system could be in service as early as the fourth quarter of 2011.
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