The deal comes at a time when Coastal is gearing up to mergewith El Paso Energy Corp. Coastal Mart Inc. and Coastal Refining& Marketing Inc. are the holding subsidiaries for theproperties in Colorado, Iowa, Kansas, Nebraska, Oklahoma, SouthDakota and Wyoming plus 53-branded marketer accounts encompassing205 locations in 13 states.
The transaction is pending due diligence and regulatoryapprovals. "The proposed sale stems from several changes in ourmid-continent refining operations and business plans in recentyears," says David A. Arledge, Coastal's chairman and CEO.
Coastal Corp. is a Houston-based energy holding company withconsolidated assets of $16 billion and subsidiary operations in theexploration, production and distribution fields. It is scheduled tomerge with El Paso Energy before the end of the year.
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