El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Tennessee Gas Pipeline Announces South Texas Expansion ProjectHOUSTON, Mar 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- Tennessee Gas
Pipeline Company, a subsidiary of El Paso Corporation (NYSE: EP), announced
today that the company has filed its application with the Federal Energy
Regulatory Commission for the South Texas Expansion Project. This project will
connect Tennessee's existing south Texas system in Hidalgo County to a new,
open- access natural gas pipeline being constructed in northern Mexico.
The South Texas Expansion will enable Tennessee to deliver an incremental
320,000 dekatherms per day to the rapidly growing power generation market in
northern Mexico. The South Texas Expansion Project will include a new, 9.3-mile,
30-inch diameter lateral extending from Tennessee's system in Hidalgo County,
Texas to the international border between the United States and Mexico. The
project will also include seven miles of new, 24-inch diameter pipeline loop
along Tennessee's Donna Line and a new compressor station, both located in
Hidalgo County. The total cost for the new lateral pipeline project is an
estimated $39.8 million, and service is scheduled to begin August 1, 2003.
Tennessee has entered into binding contracts with transportation customers in
the United States and Mexico representing power producers and marketing
companies that have subscribed in full to the new pipeline's capacity.
"This project continues Tennessee Gas Pipeline's commitment to providing its
customers access to new growth markets along our natural gas pipeline system,"
said Stephen C. Beasley, president of Tennessee Gas Pipeline. "Our initial
interconnect into Mexico installed in 1999 enabled natural gas shippers to
access this growing market, and this expansion will provide additional
opportunities as power generation, commercial, and industrial applications
proliferate throughout the northern Mexico region."
The El Paso Corporation model -- strong in assets, market expertise, valuation
skills, and risk discipline -- has proven itself year after year, resulting in a
company with both financial strength and a reputation for integrity. El Paso has
core businesses in natural gas production, gathering and processing, and
transmission, as well as in international project development, energy financing,
power generation, liquefied natural gas transport and receiving, and merchant
energy services. The company is committed to developing new energy sources and
technology to supply energy to communities around the world. For more
information, please visit 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. While the company makes
these statements and projections in good faith, neither the company nor its
management can guarantee that the anticipated future results will be achieved.
Reference should be made to the company's (and its affiliates') Securities and
Exchange Commission filings for additional important factors that may affect
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SOURCE El Paso Corporation
CONTACT: Communications & Government Affairs, Norma F. Dunn, Senior Vice
President, +1-713-420-3750, or fax, +1-713-420-3632, or Investor Relations,
Bruce L. Connery, Vice President, +1-713-420-5855, or fax, +1-713-420-4417,
both of El Paso Corporation
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