HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- El Paso Corporation 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.
