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Williams mulling sale, tolling agreement for Geismar olefins plant
HOUSTON, September 6, 2016 (PCW) – Williams on Tuesday said it was actively pursuing either a sale or a long-term, fee-for-service tolling agreement for its 1.95 billion lbs/yr olefins plant in Geismar, Louisiana.
Williams Partners has an 88.5% stake in the plant.
The proceeds would be used to reduce Williams’ debt. The company’s merger with Energy Transfer Partners was terminated in late June. Soon after, several members of Williams’ board, including its chairman, resigned. Ever since, the Tulsa-based company has been embroiled in a proxy battle with activist hedge fund Corvex to replace all of Williams’ directors and its CEO Alan Armstrong.
Since the termination of the merger, Williams has been selling off assets to reduce its debt. In August, it sold its Canadian assets to Inter Pipeline for CAD$1.35 billion. -- Samantha Hartke