Gateway to acquire N.Y. gas pipeline

Gateway Energy Corp. has entered into an agreement with American Midstream Partners, L.P., to acquire its natural gas pipeline for an undisclosed purchase price. American Midstream submitted a joint petition to the New York Public Service Commission (PSC) to effect the asset transfer. The acquisition is expected to close by 30 September 2011, pending PSC approval and certain other conditions. The pipeline transports natural gas into a plant owned by Owens Corning in Delmar, New York. As such, Gateway will enter into a new long-term contract with Owens Corning to transport natural gas at a fixed monthly rate. Gateway Energy Corp. owns and operates natural gas distribution, transportation, and gathering systems onshore in the U.S and in federal and state waters of the Gulf of Mexico.

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