El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
21-Sep-2007
Elba Island Expansion and Elba Express Pipeline Receives FERC Approval HOUSTON, Sept. 21 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
announced today that its subsidiaries, Southern LNG, Inc. and Elba Express
Company, L.L.C., have received approval from the Federal Energy Regulatory
Commission for two significant projects -- expansion of the Elba Island LNG
receiving terminal near Savannah, Georgia, and construction of the new Elba
Express Pipeline in eastern Georgia, respectively.
"We continue to focus on developing critical infrastructure necessary to
meet the needs of consumers," said Norman Holmes, senior vice president and
chief commercial officer for both Southern LNG and Elba Express. "The terminal
expansion, Elba Express Pipeline, and the recently completed Cypress Pipeline
by another El Paso subsidiary, Southern Natural Gas Company, represent $1.3
billion of projects which provide a significant new source of natural gas to
the growing Southeastern markets and beyond."
The expansion of the Elba Island LNG terminal will more than double its
storage capacity to 15.7 billion cubic feet (Bcf) and increase the facility's
send-out capacity to 2.1 Bcf per day (Bcf/d). Elba Express Pipeline, an
approximately 190-mile pipeline with a total capacity of 1.2 Bcf/d, will
transport natural gas supplies from the Elba Island LNG terminal to markets in
the Southeastern and Eastern United States. The Elba terminal expansion and
the Elba Express pipeline projects are fully supported by firm capacity
commitments from BG LNG Services, LLC. and Shell NA LNG LLC. The facilities
will be constructed in two phases with the initial in-service date expected to
be mid-2010.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest interstate natural gas pipeline system and one of North America's
largest independent natural gas producers. For more information, visit
http://www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and projections
are based are current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release,
including, without limitation, our ability to successfully design, construct
and operate the expansion projects described in this release; competition; and
other factors described in the company's (and its affiliates') Securities and
Exchange Commission filings. While the company makes these statements and
projections in good faith, neither the company nor its management can
guarantee that anticipated future results will be achieved. Reference must be
made to those filings for additional important factors that may affect actual
results. The company assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking statements
made by the company, whether as a result of new information, future events, or
otherwise.
SOURCE El Paso Corporation
09/21/2007
CONTACT: Investor and Public Relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or Media Relations, Bill Baerg, Manager,
+1-713-420-2906, both of El Paso Corporation
1 09/21/2007 13:46 EDT http://www.prnewswire.com
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