El Paso CEO says no rush on Asian plant sale

HOUSTON, TEXAS El Paso Corp. will not rush the sale of the Asian power plants it has said it would divest in the coming years as part of its restructuring, Chief Executive Officer Douglas Foshee said recently.

"We don't feel under any particular pressure (to accelerate the divesture timetable), but if the market has indeed improved and those aren't part of our long-range plans for the company we would sell at the right price," Foshee told reporters at a luncheon.

A banking source told Reuters earlier that the U.S. natural gas producer and pipeline company would likely select a buyer for the fleet of power plants with a capacity of more than 4,000 megawatts by the end of March.

Reuters