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Last week Energy Transfer Partners LP (ETP) declared that the previously announced sale of its propane operations to AmeriGas Partners LP (APU) has finally been completed. AmeriGas Partners LP received Heritage Operating LP and Titan Energy Partners LP in exchange for $2.85 billion. Under the terms of the agreement the $2.85 billion consists of $1.46 billion in cash, approximately $1.32 billion of APU common units, and $71 million of existing Heritage debt that APU has agreed to assume.
ETP will own approximately 34% of the common units of APU and has committed to retain those units for at least one year. UGI Corporation, through subsidiaries, will remain as the general partner of APU, and ETP will appoint 1 director to the APU general partner board of directors.
ETP currently has natural gas operations that include more than 17,500 miles of gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP also holds a 70 percent interest inLone Star NGL LLC, a joint venture that owns and operates NGL storage, fractionation and transportation assets in Texas, Louisiana and Mississippi.