TAYLORSVILLE, Miss. (AP) — 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. 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.