* Cost to invest $85 mln in natural gas processing plant
* Each Co to hold a 50 percent working interest
* Crosstex will construct and operate the facilities (Follows alerts)
July 12 (Reuters) - Pipeline operator Crosstex Energy LP , Crosstex Energy Inc , and Apache Corp will invest $85 million in a new-build natural gas processing plant in the Permian Basin in West Texas.
Crosstex Energy Inc owns a 25 percent limited partner interest of Crosstex Energy LP.
The Crosstex companies and Apache will hold a 50 percent working interest in the project and fund it equally.
Crosstex companies will construct and operate the facilities.
The initial phase of the project will provide interim and long-term processing, compression and residue gas takeaway for Apache's Deadwood development in Glasscock County.
They will install a refrigeration plant with a capacity of 20 million cubic feet (mmcf) per day, expected to be operational by the fourth quarter.
A cryogenic gas processing facility with a capacity of 50 mmcf per day is expected to be operational in the second quarter.
Crosstex also said it will invest $12 million to buy and upgrade a nearby rail terminal to transport natural gas liquids (NGL) to its Eunice fractionation facility in southern Louisiana. (Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian)
Source: Reuters
