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El Paso scores $700M pipeline investment |
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| Jul 27, 2009 07:40 PM UTC |
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Via BloggingStocks:
Filed under: Earnings reports, Deals, Options, Commodities  El Paso Corporation (NYSE: EP) reported this morning that Global Infrastructure Partners (GIP) has agreed to invest $700 million in EP's Ruby Pipeline project, which will transport natural gas from the Rocky Mountain region to the Western United States. Under the terms of the deal, GIP will receive a 50% equity interest in three major traunches of the project.
News of the lucrative investment has propelled EP to a gain of 1.7%, despite a downside bias in the broader equities market. The shares are positioned above support at their 10-week and 20-week moving averages, but potential resistance lies overhead in the $11 region. This area previously capped the stock's rally attempt in mid-June. Continue reading El Paso scores $700M pipeline investment El Paso scores $700M pipeline investment originally appeared on BloggingStocks on Mon, 27 Jul 2009 14:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments
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