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Williams Partners finalizes $2.1B sale of Geismar olefins plant

Jul. 06, 2017 2:57 PM ETWilliams Partners L.P. (WPZ) StockBy: Carl Surran, SA News Editor3 Comments
  • Williams Partners (NYSE:WPZ) says it has completed the sale of Williams Olefins, which owns a ~88.4% interest in the Geismar, La., olefins plant and associated complex, to Nova Chemicals for $2.1B.
  • Also, WPZ says its subsidiaries have entered into long-term supply and transportation agreements with Nova to provide ethane feedstock from Mont Belvieu fractionation and storage sites to the Geismar plant via its 270-mile Bayou ethane pipeline.
  • WPZ plans to use the proceeds from the sale to pay off its $850M term loan and to help fund capex to maintain its growth portfolio.

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