CorEnergy Infrastructure Trust Inc. plans to acquire a pipeline system in the Gulf of Mexico called the Grand Isle Gathering System for $245 million, and will issue stock to pay for it.
The Grand Isle Gathering System (GIGS) serves oil-producing fields in the shallow portion of the Gulf of Mexico and is designed to move oil and water from offshore fields onto land. It consists of 153 miles of underwater pipeline with a related 16-acre on-shore terminal that has four storage tanks, a saltwater disposal…
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