Williams Partners adds Marubeni as joint venture partner in Gulfstar Project

Williams Partners announced that Marubeni Corporation has agreed to acquire a 49% interest in Williams Partners’ first Gulfstar FPS project. The agreement is expected to close during Q2. Marubeni will contribute approximately $225M to fund capital expenditures, following with monthly capital contributions representing their 49-percent interest. Gulfstar FPS is Williams Partners’ proprietary floating production system. The initial Gulfstar FPS is expected to be placed into service in mid-2014. Williams Partners expects to develop additional Gulfstar FPS projects in the future.