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Publish Date : 27-Dec-2012

US-based natural gas producer EQT has inked a deal for selling its natural gas distribution business Equitable Gas Company, to Peoples Natural Gas in a deal worth $720m.

EQT\'s Equitable Gas Company owns nearly 6,437.3km of pipelines, and serves around 275,000 customers in Pennsylvania, West Virginia, and Kentucky in US.

According to EQT chief executive officer David Porges, now the company will be more focused and reinvest in its gas production and midstream businesses. He added, “The proposed transaction provides capital to accelerate the monetization of our reserves beyond 2013 and also adds to our Marcellus midstream assets.”

As per the deal, EQT will be eligible to receive about 321.8km of regulated transmission pipelines, along with four storage pools having a total of 15.1 billion cubic feet of working gas capacity.

Additionally, Peoples Natural Gas has even inked a long-term supply deal with EQT for gas transmission, supply, and storage services.

Morgan O\'Brien, president and CEO of Peoples Natural Gas stated “Combining the companies\' respective pipeline systems will result in a more streamlined and efficient operating system for customers.”

By the end of 2013, the transaction would receive all the regulatory clearances.

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