El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Southern LNG Announces Plans to Expand LNG Facility Near Savannah, Georgia
HOUSTON, TEXAS, September 10, 2001—Southern LNG Inc., a
subsidiary of El Paso Corporation (NYSE:EPG), announced today an open
season to expand its Elba Island liquefied natural gas (LNG) receiving terminal
near Savannah, Georgia by approximately 80 percent. Southern LNG is offering an
additional 3.3 billion cubic feet of storage capacity with a send-out rate of
360 million cubic feet per day (MMcf/d). The planned in-service date for the
expansion is 2005, subject to receipt of adequate firm subscriptions and
necessary regulatory approvals.
The Elba Island facility, inactive since 1982, is scheduled to begin
receiving LNG shipments later this month, and volumes are expected to increase
toward the design send-out rate of 440 MMcf/d by 2003. The expansion will
increase the send-out rate to approximately 800 MMcf/d. The expansion will cost
approximately $145 million, will have minimal environmental impact, and should
benefit the port of Savannah.
"The recommissioning of Elba Island is a landmark event, and the
announcement of this planned expansion-before we've received even the first
shipment-demonstrates our commitment to meet the growing demand for natural
gas in the Southeast markets," said Jim Yardley, president of Southern LNG.
"In a growing market that relies nearly exclusively on North American
natural gas supply, we're fortunate in the Southeast to have an existing
facility at Elba Island that will provide our customers with access to
diversified supplies from around the world."
Parties interested in receiving an open season package should contact Bruce
Hughes at 205-325-7146. The binding open season will close on December 14, 2001.
El Paso Corporation is committed to meeting energy needs throughout
North America and the world with operations that span the energy value chain
from wellhead to electron. The company is focused on speeding the development of
new energy sources to address critical energy shortages across the globe. Visit
El Paso at www.elpaso.com.
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