El Paso Sells Florida Petroleum Operations
El Paso Corporation announced the sale of its Florida petroleum terminals and tug and barge operations to TransMontaigne, Inc. The transaction has an estimated value of $155 million, including an estimated $35 million of product inventory value at closing. El Paso acquired these assets through its merger with The Coastal Corporation in 2001. The Florida petroleum terminal business provides bunker fuel for the maritime industry and is a major supplier of residual fuel, diesel and gasoline throughout Florida.The sale of these assets supports El Paso's previously announced strategy to exit non-core businesses, which furthers its goal to strengthen the company's balance sheet and reduce debt. The transaction is expected to close in the first quarter of 2003 and is subject to customary regulatory approvals.