Loring pipeline rights bought by natural gas co.
Gas Natural Inc., the Montana-based parent company of Bangor Natural Gas, has bought the rights to a 200-mile gas pipeline from Limestone to Searsport. At an auction last month, the company bid $4.5 million for the lease, which includes access to the pipeline and other equipment, according to the Bangor Daily News.
Built in the 1950s, the pipeline was once used to send jet fuel from tanks on the coast to Loring Air Force Base. The corridor is owned by Loring Development Authority, a nonprofit that oversees the Loring Commerce Center, and Loring BioEnergy was leasing the pipeline as part of its plan to build a cogeneration power facility at the former base. The company, however, defaulted on its lease payments, putting the rights up for auction.
Jerry Livengood of Bangor Natural Gas said the parent company will announce its plans for the pipeline in about a month. The lease has not yet been formally transferred.
Gas Natural Inc. also has operations in its home state, North Carolina and Wyoming, according to its website.
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