HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
announced today that a subsidiary of the company has closed the previously
announced acquisition of a 50 percent interest in the Gulf LNG Clean Energy
Project, a liquefied natural gas (LNG) terminal, which is currently under
construction in Pascagoula, Mississippi. A subsidiary of El Paso is managing
facility construction and will operate the facility upon completion. The
terminal is expected to be placed in service in late 2011 at an estimated
total cost of $1.1 billion.
"This project continues El Paso's long history with LNG," said Jim
Yardley, president of El Paso's Pipeline Group. "We look forward to working
with our partners in this important venture to provide additional sources of
clean burning natural gas to the region and beyond."
Further information about the Gulf LNG Clean Energy Project, including a
project map, is available at http://www.lngcleanenergy.com or
http://www.elpaso.com.
El Paso, which already owns one of only four currently operating
land-based LNG regasification terminals in the United States located at Elba
Island near Savannah, Georgia, 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
about El Paso, visit http://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,
including, without limitation, the receipt of the necessary capacity
commitments for the project described in this release; the receipt of
necessary governmental approvals for such project; our ability to obtain all
necessary regulatory approvals and 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.
SOURCE El Paso Corporation
02/07/2008
CONTACT: investors and public relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or media relations, Bill Baerg, Manager,
+1-713-420-2906, both of El Paso Corporation, fax, +1-713-420-4417
1416 02/07/2008 17:06 EST http://www.prnewswire.com
