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UPDATE 1-Enbridge Energy to sell non-core assets

Mon Oct 5, 2009 7:37am EDT

Stocks

   

* U.S. pipeline operator to sell non-core assets

* Sees $65 million impairment charge

* Charge to hit results

(In U.S. dollars. Adds details)

TORONTO, Oct 5 (Reuters) - U.S. pipeline operator Enbridge Energy Partners LP (EEP.N) said on Monday it planned to sell some natural gas assets outside of Texas, resulting in a $65 million impairment charge.

The U.S.-based arm of Enbridge Inc (ENB.TO), Canada's largest pipeline operator, said the proceeds from the sale would be used to fund expansion projects.

The company also said the fair value of the assets are estimated to be lower than their book value, which would result in the impairment charge.

Enbridge Energy also said the non-cash impairment charge will hurt its three-month and nine-month results.

Enbridge Energy Partners is Enbridge Inc's 27 percent-owned master limited partnership and operator of much of the company's U.S. operations. ($1=$1.08 Canadian) (Reporting by Scott Anderson; Editing by Derek Caney)



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