El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Ruby Pipeline Receives FERC Approval to Begin Construction
HOUSTON, TX, Aug 02, 2010 (MARKETWIRE via COMTEX) --
El Paso Corporation (NYSE: EP) announced today that the Ruby Pipeline Project has received Federal Energy Regulatory Commission (FERC) approval to proceed and begin construction.
"We are very pleased that we have final FERC approval," said Jim Cleary, president of El Paso's Western Pipeline Group. "This approval is a milestone, successfully culminating more than two and one half years of outreach and comprehensive permitting at the federal, state, and local levels. In addition to supplying significant supplies of clean-burning natural gas to the western states, we are also proud that Ruby will employ almost 5,000 people from Wyoming to Oregon during construction, and that the pipeline will provide significant economic benefits to the four states along our route for years to come."
Ruby, the first-ever carbon-neutral pipeline to be constructed and operated, involves 680 miles of 42-inch pipeline and four compressor stations. 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 and London 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 This 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 and maintain in force and effect all necessary federal, state and local regulatory approvals; the ability of us and the regulators to successfully defend any challenges to such regulatory approvals; our ability to successfully construct and operate the proposed facilities described in this release on time and within budget; our ability to meet all conditions and requirements under our project financing agreements to fund such construction activities; 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
Office: (212) 315-8105
Office: (212) 315-8133
SOURCE: El Paso Corporation