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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11667)	7/9/1998 5:31:00 AM
From: Kerm Yerman	Respond to of 15196

PIPELINES / TransCanada PipeLines Limited To Be Involved With Venezuela Gas Facility TRANSCANADA/ENRON CONSORTIUM WINS NATURAL GAS LIQUIDS EXTRACTION FACILITY IN VENEZUELA CALGARY, July 8 /CNW/ - TransCanada PipeLines Limited, Enron Corp., and Tecnoconsult S.A., announced today that they have been awarded a contract by PDVSA, the state-owned oil company, to build, own and operate a natural gas liquids extraction facility in Venezuela. The estimated capital cost of these facilities, referred to as Accro III & IV, is US$450 million. Construction is expected to begin early next year with operations underway in 2001. This project is an integral part of Venezuela's natural gas liquids infrastructure expansion and will consist of a natural gas liquid (NGL) extraction facility in San Joaquin and Santa Barbara, as well as NGL fractionation, storage and refrigeration facilities in Jose, Venezuela. The project is estimated to allow the processing of 800 million cubic feet per day of natural gas and fractionation of 30 thousand barrels per day of extracted liquids allocated for exportation. Storage is expected to have the capability to contain 610 thousand barrels of extracted liquids. ''This contract is an important milestone for TransCanada,'' said George Watson, TransCanada president and chief executive officer. ''It will enable us to build on our North American activities in natural gas processing while positioning us for growth in Venezuela and the Americas.'' ''Enron has successfully participated in Venezuela's natural gas industry for more than four decades and we look forward to working with our partners and PDVSA on this significant new NGL expansion program,'' stated Joseph W. Sutton, president and chief executive officer of Enron International. ''PDVSA has demonstrated a high degree of professionalism and transparency in this bid process,'' said Garry Mihaichuk, president and chief executive officer of TransCanada International (TCI). ''TCI regards Venezuela as a strategic market. Our entry into this market provides us with an opportunity to develop a long-term relationship with the people and government of Venezuela, as well as the oil and gas industry.'' The Venezuelan partner, Tecnoconsult S.A., has been a major engineering and construction company in Venezuela for more than 30 years. ''This bid demonstrates that the Apertura process adopted by PDVSA will create opportunities for all Venezuelan companies to participate in the development of the Venezuelan energy sector,'' said Alfredo Gruber, vice chairman, Tecnoconsult S.A. TransCanada is a leading North American energy services company with businesses in transmission, marketing and processing. The company, through its Cdn$21.4 billion asset base, provides high value-added energy service solutions to the North American and international marketplace. Common shares trade under the symbol TRP, primarily on the Toronto, Montreal and New York stock exchanges. Enron is the world's leading integrated electricity and natural gas company. The company, which owns approximately US$24 billion in energy related assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, and delivers physical commodities and risk management and financial services to customers around the world. Enron's Internet address is www-enron.com, and the stock is traded under the ticker symbol, ''ENE''.