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Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (37)	1/23/2004 8:42:11 AM
From: Dennis Roth	Read Replies (4) \| Respond to of 919

El Paso Corporation Announces Agreement With FPL Group on Options to Purchase The Bahamas LNG Project and Acquire a 50-Percent Interest in the Seafarer Pipeline Project biz.yahoo.com Friday January 23, 7:30 am ET HOUSTON, Jan. 23 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP - News) today announced that subsidiaries of El Paso have reached an agreement with an affiliate of FPL Group (NYSE: FPL - News), whereby FPL Group Resources has an option to purchase the development rights of the High Rock liquefied natural gas (LNG) facility on Grand Bahama Island. In addition, FPL Group Resources has obtained an option to purchase a 50-percent equity interest in the proposed Seafarer pipeline system that will transport natural gas from the proposed Bahamas LNG facility to Southern Florida. Terms of the agreements were not disclosed. ADVERTISEMENT "FPL Group Resources has recently formed a highly experienced LNG group charged with bringing cost-competitive LNG supplies to customers in the south and central Florida markets, and a partnership with them will provide a unique opportunity to maximize the expertise of each company," said John W. Somerhalder II, president of El Paso's Regulated Group. "We believe this project provides the best solution to bringing a critical fuel source for a region expected to demand an additional two billion cubic feet of natural gas per day by 2010. This agreement also supports El Paso's long-range plan by growing our pipeline business while maintaining our position as a premier natural gas transmission company in North America." The Seafarer pipeline route has been modified to eliminate the extension from a proposed interconnection with Florida Gas Transmission (FGT) in West Palm Beach to Martin County. The pipeline route originates at the proposed LNG facility on Grand Bahama Island and continues to the Exclusive Economic Zone boundary approximately 87 miles away. The pipeline will continue approximately 35 miles and make landfall at Riviera Beach Power Plant and continue onshore for nearly six miles along existing utility and roadway corridors and connect into the existing FGT system. The 128-mile, 26-inch diameter Seafarer pipeline system will have a design capacity of approximately 750 million cubic feet per day and is expected to be in service by 2008. El Paso Corporation's purpose is to provide natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com . ---- Related story: FPL Group Affiliate Signs Option Agreement With El Paso Corporation To Bring New Natural Gas Source To Florida biz.yahoo.com

To: Dennis Roth who wrote (37)	6/14/2004 9:21:45 AM
From: Dennis Roth	Respond to of 919

Miller ignores LNG critics. [ Ocean Cay - The Bahamas ] thenassauguardian.net By TAMARA McKENZIE,Guardian Staff Reporter All critics of the establishment of a liquefied natural gas (LNG) pipeline were dashed in the House of Assembly on Wednesday, as Trade and Industry Minister Leslie Miller pointedly stated that he had an obligation to put forth his views and present the facts until a decision was made by cabinet. "I have taken the brunt of the criticism from some quarters with regard to LNG, and I think it is out of ignorance and emotions, where most of the views stem from, and they are not true facts," said Mr Miller while giving his contribution to the 2004/05 Budget Debate. Mr Miller said he could take his "licks" from all critics and referred to himself as a "regular potcake." He claimed that FNM leader Tommy Turnquest and columnists had called on several occasions for his dismissal because he promoted LNG, but his job was to educate and inform. "My only vested interest is in the further diversification and expansion of the Bahamian economy," he said, adding that the economy of The Bahamas had to be driven by Bahamians, and he was only trying to advance the economy to produce a better economic mix. He said that the tourism industry was "fickle" and other sectors of the economy had to be enhanced. "If I believed for one minute than an LNG re-gasification terminal would have a negative effect on my country, I would not have entertained any of the three companies that we are dealing with. Why would I? I am a Bahamian. This is the only country that I have," he said. Mr Miller also informed that the three companies wanting to build an LNG facility had been given approval "in principle" by the former FNM government in 2001. He therefore stated that he was only "advancing the course" that he met in place and would not abort his efforts. Outlining the myths and facts of LNG, Mr Miller firstly explained that LNG was neither explosive nor flammable, as it contained no oxygen. He added that, if LNG spilled on the water, it would float and would not affect any marine species. If LNG spilled on land, it would warm and vaporise into natural gas, while leaving no residue. If given approval, Mr Miller said, the government was examining an agreement with energy companies to charge some $10 million for a license and another $6million to lease the seabed at Ocean Cay. Other benefits include: Between $12-$15 million in revenue during year one, climbing to approximately $22 per annum by year five and $34 million by year 15. In total, the public treasury could accrue some $985 million over a 25-year period, said Mr Miller. Mr Miller said in regards to the AES project at Ocean Cay, the company intended to employ some 450-500 Bahamians to work on the project, and some $250,000 would be given annually to social services in The Bahamas. Meanwhile, the government has given no approval to any of the three companies vying to construct an LNG pipeline from The Bahamas to the United States. These energy companies include Applied Energy Services (AES),Tractebel and Texas El Paso. Mr Miller said on Wednesday that the proposals of the three companies were still being assessed to see whether or not the government feels that the project is safe and sound. The Trade and Industry Minister said energy companies were attracted to The Bahamas because some 150-200 acres of land were available on the waterfront. This land, he said, would be too expensive in the United States, costing some $1.5 - $2 billion.