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Kinder Morgan and El Paso finish business negotiations

The two firms have agreed a deal that will see Kinder Morgan buy El Paso for $38 billion.

17 October 2011

Sales negotiations have been completed between Kinder Morgan and rival pipeline transportation company El Paso.

The $38 billion (£24 billion) arrangement will see the creation of the world's largest natural gas pipeline network.

Kinder Morgan chairman and chief executive officer Richard Kinder stated the agreement represents a "win-win" for both of the firms.

"The natural gas pipeline systems of the two companies are very complementary, as they primarily serve different supply sources and markets in the United States," he added.

Mr Kinder continued by saying that as the business negotiations have been completed, people can look forward to experiencing "significant future growth opportunities".

Doug Foshee, chairman and chief executive officer of El Paso, said his group - which is responsible for nearly one-quarter of the natural gas used daily in the US - is excited by the move.

He remarked the agreement is set to make it the most important firm in the field in North America.

Posted by David Gleck

Source: Kinder Morgan press release, October 16th
 

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