UPDATE 1-ONEOK to spend up to $730 mln on NGL projects

* Plans to build pipeline for $450 mln-$550 mln

* Sees projects to generate EBITDA multiples of 5-7 times

July 26 (Reuters) - Natural gas processor ONEOK Partners L.P. (OKS.N) said it plans to spend up to $730 million to build natural gas liquids (NGL) projects, including a pipeline, by 2013.

ONEOK expects these projects to generate EBITDA multiples of five to seven times, and said incremental fee-based earnings from these projects are expected to increase distributable cash flow and value to unitholders.

The company said it plans to build a 525- to 615-mile NGL pipeline, which will transport unfractionated NGLs from the Bakken Shale in the Williston Basin in North Dakota, at a cost of about $450 million to $550 million.

ONEOK also said it will spend $35 million to $40 million in capacity expansions for its anticipated 50-percent interest in the Overland Pass Pipeline and $110 million to $140 million to expand its fractionation capacity at Bushton, Kansas. Shares of the company closed at $70.59 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore)