El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Announces Start of Service From Elba II Expansion
HOUSTON, Feb. 1 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
announced today the start of service from its recently completed Elba II
expansion project, a significant expansion of its Elba Island liquefied
natural gas (LNG) receiving terminal near Savannah, Georgia.
The approximately $157 million Elba II Expansion adds 3.3 billion cubic
feet (Bcf) equivalent of storage capacity and 540 million cubic feet per day
(MMcf/d) of peak send-out capacity to the existing facility, increasing the
terminal's total storage capacity to 7.3 Bcf and total peak send-out capacity
to over 1.2 Bcf/d. The expansion also includes new docking facilities that
can accommodate two LNG vessels at once in a newly constructed slip at Elba
Island, effectively harboring LNG vessels during cargo unloading and providing
more flexible passage for commercial shipping in the Port of Savannah.
All of the capacity at the Elba Island facility is contracted under long-
term agreements, with the pre-expansion capacity contracted to BG LNG Services
and the Elba II Expansion capacity contracted to Shell NA LNG LLC.
"The Elba II Expansion nearly doubles Elba's size. Construction on the
project started in 2003, and it's being placed in service on time and on
budget," said Jim Yardley, president of El Paso's Southern Pipeline Group.
"And we've already begun the regulatory process on our Elba III Expansion that
will once again double Elba's size with incremental service beginning in 2010.
These terminal expansions, combined with our new Cypress and Elba Express
pipeline takeaway projects -- to be in-service in 2007 and 2010 respectively
-- provide access to large, diverse supplies of natural gas for all of Georgia
and the Southeastern United States."
El Paso's total capital cost for the two Elba terminal expansions and new
takeaway pipelines is expected to be nearly $1.3 billion.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest natural gas pipeline system and one of North America's largest
independent natural gas producers.
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, 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.
SOURCE El Paso Corporation
CONTACT: investor and public relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or fax, +1-713-420-4417, or media relations, Bill
Baerg, Manager, +1-713-420-2906, or fax, +1-713-420-4417, both of El Paso
9465 02/01/2006 16:05 EST http://www.prnewswire.com