March 7, 2006
EnCana Corporation and certain affiliates have agreed to sell substantially all of their gas storage business interests to the Carlyle/Riverstone Global Energy and Power Fund for approximately $1.5bn after adjustments.
The sale of this non-core asset is part of EnCana's previously announced divestiture programme, according to a statement.
In addition to the gas storage divestiture, EnCana is in the process of concluding the $350m sale of the Chinook oil discovery offshore Brazil to Hydro. It has also sold its Entrega Pipeline in Colorado to Kinder Morgan Energy Partners and Sempra Pipelines & Storage for approximately $240m. Including EnCana's recent $1.42bn sale of its Ecuador interests, EnCana expects to realise net proceeds, after cash taxes, of approximately $3.3bn from these four asset sales. The company plans to use these proceeds to pay down debt and purchase shares under its Normal Course Issuer Bid.
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http://www.altassets.com/news/arc/2006/nz8272.php
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