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TULSA, Okla. (AP) — Williams Partners LP said Tuesday it will invest about $380 million over several years to develop infrastructure for gas and oil producers working in the Utica Shale area of Ohio and northwest Pennsylvania.
Williams will be part of a joint venture with Caiman Energy II. Williams Partners, EnCap Flatrock Midstream of San Antonio, Highstar Capital of New York, and Caiman management expect to invest a total of approximately $800 million to develop the projects.
"Our producer customers will benefit from introducing the kind of comprehensive large-scale midstream solutions to the area that will make their positions in the liquids- and oil-rich Utica Shale even more valuable," Williams Partners' general partner CEO Alan Armstrong said.
The joint venture projects will operate in the same area as Williams Partners' Ohio Valley Midstream business in West Virginia, Pennsylvania and Ohio.
Williams Partners units rose 11 cents to close at $52.46.