GENERAL INTEREST / Occidental Energy & Conoco to build Facilty
LOS ANGELES, Jan. 8 /CNW/ -- Occidental Energy Ventures Corp., a
subsidiary of Occidental Petroleum Corporation (NYSE: OXY), and Conoco Global
Power Inc., a wholly owned subsidiary of Conoco, the energy arm of DuPont,
announced today that they have completed financing for a jointly developed
440-megawatt natural gas-fired cogeneration power plant near Ingleside, Texas.
The plant will be developed, constructed and owned by Ingleside
Cogeneration Limited Partnership, which is equally owned by indirect, wholly
owned subsidiaries of Occidental and DuPont.
Construction will begin in early 1998, and commercial operation is
expected in January 2000.
The new plant will he adjacent to chemical complexes owned by Occidental's
chemical division, OxyChem, and DuPont. OxyChem will manage construction and
operate the plant under a long-term contract and will purchase a majority of
the plant's electricity and steam production.
The plant is designed to produce 440 megawatts of electric power and
1.1 million pounds per hour of process steam. The plant will be a qualifying
facility under the Public Utility Regulatory Policies Act and will sell excess
electricity in the Texas power markets.
Societe Generale was arranger and sole underwriter for the $210 million
financing.
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