Piedmont Natural Gas Becomes Equity Participant in Northeastern Pipeline Project

Piedmont Natural Gas (NYSE:PNY)  announced its equity investment in Constitution Pipeline Company, LLC, which is a  natural gas pipeline project that will transport gas from northern Pennsylvania to major northeastern markets by 2015.

As quoted in the press release:

The project is scheduled to be in service by March 2015. Piedmont Natural Gas, through its wholly-owned subsidiary Piedmont Constitution Pipeline Company, LLC, joins Williams Partners L.P. (NYSE: WPZ) and Cabot Oil and Gas Corporation (NYSE: COG) as a 24 percent equity participant in the joint venture, and will invest an estimated $180 million in the new project.

Piedmont’s Chairman, President, and CEO,Thomas E. Skains, said:

,We are excited about making an investment in strategic pipeline infrastructure in the Marcellus supply basin that will transport clean, low cost natural gas supplies to premium East Coast markets and provide substantial benefits for both natural gas producers and consumers.  We are equally excited to be joining such strong joint venture partners as Williams Partners and Cabot Oil and Gas, as both are outstanding companies and widely respected in our industry.

To view the whole press release, click here.