The assets sold include 1900km of pipelines in South Australia, Queensland, and Western Australia. El Paso expects to receive approximately $48 million for its share in the equity of these assets, and the transaction is expected to close in the shortly.

This sale supports El Paso’s recently-announced long-range plan to reduce its debt, net of cash, to approximately $15 billion by year-end 2005. To date, the company has announced or closed approximately $3.0 billion of the $3.3 to $3.9 billion of asset sales targeted under the plan. An asset sales tracker that shows all of the announced and completed assets sales is posted at http://www.elpaso.com under Investor Resources.