Oil Company Joins Fiber Optic Network Venture
PHILADELPHIA, April 20 -- Sunoco Inc. announced that its subsidiary, Sun Pipe Line Co., has joined a group of firms that have agreed to allow Denver's Aerie Networks Inc. to use rights of way in constructing a 20,000-mile national broadband telecommunications network. The group of 12 natural gas, oil and liquid petroleum pipeline companies and communications firms is providing use of the rights of way in exchange for equity in the business. The companies expect the network to be completed by 2003.
Sunoco, which will provide Aerie Networks with rights of way for approximately 1,000 miles, has equity interest in over 10,000 miles of crude and product pipelines in the US. Participation in this exciting venture presents Sunoco with an excellent opportunity to create value by making additional use of existing assets, said Deborah M. Fretz, Sunoco's senior vice president of Lubricants and Logistics. By providing Aerie Networks access along our pipeline right-of-way system, we receive equity in a company with significant potential in the rapidly growing telecommunications industry.
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