Gateway Energy has closed on its acquisition to acquire a natural gas pipeline in New York from American Midstream for an undisclosed price. The deal concluded on September 23.
The pipeline delivers natural gas into a plant owned by Owens Corning in Delmar, New York.
In connection with the acquisition, Gateway entered into a new long-term contract with Owens Corning to transport natural gas at a fixed monthly rate, it said.
"We are excited about expanding our relationship with Owens Corning at a new location, said Gateway CEO Frederick Pevow.
The acquisition is consistent with our strategy to increase our ownership of pipelines which serve end users of natural gas pursuant to long-term, fixed price contracts, he added.
Gateway Energy owns and operates natural gas distribution, transportation, and gathering systems onshore in the continental US and in federal and state waters of the Gulf of Mexico.