Williams To Receive $312 Million For Venezuela Assets

May 2012, Vol. 239 No. 5

WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (PIGAP II) Limited, the joint ventures owned by subsidiaries of Williams and Exterran Holdings, Inc., have completed the sale of the El Furrial and PIGAP II assets to PDVSA Gas, S.A. in connection with the 2009 nationalization of those assets.

After satisfying amounts owed to the WilPro joint ventures’ lenders and taking into account other closing adjustments, Williams received an initial payment of $84 million in cash at closing. Williams also received $63 million from PDVSA related to a previous agreement to sell Williams’ interest in Accroven SRL. Accroven includes two natural gas liquid (NGL) extraction plants, a NGL fractionation plant and associated storage and refrigeration facilities.