Mississippi gas storage facility sold to New Jersey firm

Published 10:03 am Saturday, September 7, 2019

A New Jersey natural gas company is buying a Mississippi natural gas storage facility for $367 million.

New Jersey Resources said Thursday it will buy Leaf River Energy Center from Macquarie Infrastructure Partners.

The southeast Mississippi facility has three salt dome caverns.

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New Jersey Resources says there’s room to expand the storage facility and that it connects to six interstate gas pipelines.

The company could borrow up to $350 million to finance the purchase.

New Jersey Resources says it expects to complete the purchase later this year, and says it’s buying the storage facility as part of a long-term effort to increase profits.

Based in Wall, New Jersey, the company’s best-known business is a natural gas utility serving more than 500,000 customers in parts of central New Jersey.