Williams Partners to purchase Williams’ Geismar cracker

Williams Partners has agreed to acquire Williams’ 83.3% stake in a cracker at Geismar, LA, as well as Williams’ refinery-grade propylene splitter for $2.3 billion. Williams Partners will also acquire pipelines in the Gulf region from Williams for $100 million. Williams notes that the moves come after it had obtained an Internal Revenue Service (IRS) private letter ruling, which states that income derived from processing natural gas liquids into olefins at the Geismar facility and the related marketing, transporting, and storing of olefins constitute...

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