* Deal worth about $65 mln
* Says facility located in Schuyler County, New York
Jan 11 Inergy LP NRGY.O said its subsidiary
has agreed to buy a natural gas storage facility in Schuyler
County, New York, and two related pipelines for about $65
million to expand its presence in the Northeast.
Kansas City, Missouri-based Inergy said it will buy the
facility and pipelines from New York State Electric & Gas Corp.
Inergy said the Seneca Lake storage facility is a 2 billion
cubic feet (Bcf) underground salt cavern facility located on
its U.S. salt property outside Watkins Glen, New York.
The facility has a maximum withdrawal capability of 145
million cubic feet (mmcfd) per day and maximum daily injection
capability of 75 mmcf, the company said.
"The acquisition... will also significantly enhance the
value of Inergy's existing assets and is expected to increase
our economic return on future expansion projects in the
northeast market," Chief Executive John Sherman said in a
Shares of the company closed at $36.66 Friday on Nasdaq.
(Reporting by Antonita Madonna Devotta in Bangalore, Editing
by Dinesh Nair)