El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Receives Conditional BLM Right-of-Way Grant for Ruby Pipeline
HOUSTON, TX, Jul 13, 2010 (MARKETWIRE via COMTEX) --
El Paso Corporation (NYSE: EP) today announced that it has received
a Bureau of Land Management (BLM) right-of-way grant for its Ruby
Pipeline project. The grant is subject to final completion of
cultural treatment plans and related agreements on federal lands
along Ruby's 680-mile route. Ruby previously received a Certificate
of Public Convenience and Necessity from the Federal Energy
Regulatory Commission (FERC), and it will begin construction as soon
as it receives a FERC Notice to Proceed and Construct. The $3 billion
project is scheduled to be in service in March 2011.
"We are very pleased to receive conditional BLM approval for this
important infrastructure project," said Jim Cleary, president of El
Paso's Western Pipeline Group. "We expect to satisfy the BLM
conditions and receive our FERC notice to proceed very soon and begin
construction shortly thereafter. Once constructed, Ruby will play an
important role in linking abundant supplies of cleaning-burning
natural gas in the Rockies to markets in western states, helping fuel
economic growth in an environmentally friendly manner."
Ruby is a 42-inch interstate natural gas transmission pipeline, which
will access significant Rockies supplies and make them available to
consuming markets in California, Nevada, and the Pacific Northwest.
Ruby will transport natural gas from an existing supply hub at Opal,
Wyoming, to interconnections near Malin, Oregon. It will have an
initial design capacity of 1.5 billion cubic feet per day.
El Paso has entered into agreements with Global Infrastructure
Partners (GIP), whereby GIP will invest up to $700 million in the
Ruby project. Upon satisfaction of various closing conditions, GIP
will acquire a 50 percent equity interest in the project.
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 www.elpaso.com.
Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent
infrastructure fund that invests worldwide in infrastructure assets
and businesses in both OECD and select emerging market countries. GIP
targets investments in power and utilities, natural resources
infrastructure, air transport infrastructure, seaports, freight
railroad, water distribution and treatment and waste management. GIP
has offices in New York, London and Hong Kong with an affiliate in
Sydney and portfolio operations headquarters in Stamford,
Connecticut. For more information, visit www.global-infra.com.
Cautionary Statement Regarding Forward-Looking Statements
release includes certain forward-looking statements and projections.
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 obtain
all necessary federal, state and local regulatory approvals; our
ability to successfully construct and operate the proposed facilities
described in this release; general economic conditions in geographic
regions or markets served by El Paso Corporation and its affiliates,
or where operations of the company and its affiliates are located;
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.
El Paso Corporation
Office: (713) 420-5855
Office: (713) 420-6828
Global Infrastructure Partners
SOURCE: El Paso Corporation