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Dominion forming $1.5B gas JV in Ohio, Pa.

Friday - 12/21/2012, 1:55pm  ET

RICHMOND, Va. - Dominion Resources Inc. is forming a $1.5 billion joint venture with natural gas company Caiman Energy II to provide services to gas producers working in the gas-rich Utica shale in Ohio and Pennsylvania.

The Richmond, Va.-based energy company said Thursday that the partnership, called Blue Racer Midstream, will help companies gather, process, transport and sell natural gas liquids.

Dominion and Caiman, which is based in Dallas, expect to close on the joint venture by the end of the year. Dominion is contributing pipelines and other equipment, while Caiman provides funds.

Dominion is one of the nation's largest producers and transporters of energy. Caiman focuses on natural gas infrastructure. It's backed by natural gas pipelines company Williams Partners and investment firms.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)