Pascagoula, Miss.,
October 27, 2011 –GE Energy Financial
Services, a unit of GE (NYSE: GE), announced today that its co-owned Gulf LNG regasification
and liquefied natural gas storage facility on the Gulf of Mexico has
successfully begun operations. GE made the announcement at a ribbon-cutting
ceremony at the facility in Pascagoula, Mississippi, joined by
Gov. Haley Barbour and executives of El Paso Corporation.
“After
three and a half years of construction, this $1.1 billion facility was
completed on-time and on-budget and forms an important part of our nation’s
energy infrastructure,” said Dan Castagnola, a
managing director of GE Energy Financial Services in Houston. “Our co-ownership of this facility reflects
GE Energy Financial Services’ strategy of supporting long-term, critical infrastructure
projects that help meet energy demand and draw on GE’s strengths and expertise
in energy.”
The terminal, operated by a subsidiary of El
Paso Corporation, is located adjacent to the Bayou Casotte
Ship Channel in the Port of Pascagoula on the Gulf Coast. It receives, stores and regasifies
-- turns back into gas -- imported liquefied natural gas, known as LNG. The terminal consists of two
160,000 cubic meter storage tanks with a combined capacity of 6.6 billion cubic
feet (Bcf); 10 vaporizers, providing a base send-out
capacity of 1.3 Bcf/d; and five miles of 36-inch
pipeline connecting to downstream pipelines owned by Gulfstream, Destin,
Transco, and Florida Gas Transmission. The pipelines provide access to the
Pascagoula Gas Processing Plant operated by BP America Production Company.
The
Gulf LNG facility is contracted under 20-year firm service agreements for all
of its capacity with a group of LNG producers, including several major oil and
gas companies, to support the facility and provide a source of LNG.
GE
Energy Financial Services has deep experience in many midstream sectors and
unconventional gas. Its $2.4 billion
midstream equity and debt investment portfolio consists of stakes in a
midstream master limited partnership, gas storage assets, 40,000 miles of gas
pipelines and its stake in the Gulf LNG regasification terminal. GE Energy Financial
Services, directly and indirectly, controls its 50 percent stake in Gulf LNG
while El Paso controls the other 50 percent, and through a subsidiary, is the
operator.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest
globally across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world’s energy needs. In addition
to capital, GE Energy Financial Services offers the best of GE.’s technical
know-how, technology innovation, financial strength, and rigorous risk
management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong
partnerships, and optimization of its approximately $20 billion in assets. For
more information, visit http://www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is an advanced technology,
services and finance company taking on the world’s toughest challenges.
Dedicated to innovation in energy, health, transportation and infrastructure,
GE operates in more than 100 countries and employs about 300,000 people
worldwide. For more information, visit the company’s Web site at www.ge.com.
Photo: http://www.geenergyfinancialservices.com/images/GulfLNG_COD.JPG
Note to Editors: Caption for Photo: Joined
by Gov. Haley Barbour and executives of El Paso Corporation, GE Energy
Financial Services announced today at a ribbon-cutting ceremony in Pascagoula,
Mississippi that its co-owned Gulf LNG regasification
and liquefied natural gas storage facility on the Gulf of Mexico, shown here,
has successfully begun operations.
Contact
GE Energy Financial Services
Christa Bowers
Office: 203-961-2934
Cell: 203-339-1434