New Jersey Resources, a natural gas company in New Jersey said it will buy Leaf River Energy Center, a Mississippi natural gas storage facility from Macquarie Infrastructure Partners for $367 million.
New Jersey Resources said that the southeast Mississippi facility has three salt dome caverns and there's room to expand the storage facility. The facility connects to six interstate gas pipelines.
The purchase is expected to be completed later this year and buying the storage facility is as part of a long-term effort to increase profits, New Jersey Resources said.
New Jersey Resources best-known business is a natural gas utility serving more than 500,000 customers in parts of central New Jersey. The company said it could borrow up to $350 million to finance the purchase.