El Paso's Tennessee Gas Pipeline Announces 300 Line Expansion Project
August 05 2008 - 4:07PM
Marketwired
Tennessee Gas Pipeline Company ("Tennessee"), a wholly owned
subsidiary of El Paso Corporation (NYSE: EP), today announced the
results of a binding open season for its 300 Line Expansion
Project. Equitable Energy LLC, a subsidiary of Equitable Energy
(NYSE: EQT), executed a binding precedent agreement for a 15-year
term and was awarded 300,000 Dth/d, which represents 100 percent of
the project's capacity. The project links Equitable's Appalachian
production to northeast markets. The expansion facilities will
consist of approximately 125 miles of 30-inch pipe loop and
approximately 46,000 horsepower of additional compression
facilities to be constructed in Tennessee's existing pipeline
corridor in Pennsylvania and New Jersey. Tennessee has entered into
a fixed price agreement to lock in its pipe costs.
"We're excited to have Equitable, a major gas producer in the
Appalachian basin, become one of the largest shippers on our
system," said Bryan Neskora, Chief Commercial Officer of Tennessee.
"This project strengthens Tennessee's position in the Northeast
with diversified supplies and a significant increase in capacity to
serve this region."
"Equitable's participation in this project exemplifies our
commitment to support the expansion of much needed pipeline
capacity out of the Appalachian Basin," said Randall Crawford
Senior Vice President of Equitable Resources. "The project enables
Equitable to deliver more of our produced gas to the highly valued
Northeast markets."
Construction of the project is subject to regulatory approval
from the Federal Energy Regulatory Commission ("FERC") and other
agencies. Tennessee plans to file its certificate application with
the FERC during the second quarter of 2009, with phased
construction anticipated during 2010 and 2011, pending receipt of
the necessary regulatory approvals for the project.
For more information on the 300 Line Expansion Project, visit
project web site at
www.elpaso.com/tgp300lineexpansion/default.shtm.
El Paso Corporation 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, visit www.elpaso.com.
Note to Editors: A map of the project can be accessed at
www.elpaso.com/tgp300lineexpansion/images/Line_300_Map.jpg.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and
projections. 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, our ability to obtain all necessary federal, state and
local regulatory approvals; our ability to successfully construct
and operate the proposed facilities described in this release on
time and within budget; creditworthiness of our shippers; the
successful close of our financing transactions; 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.
El Paso Contacts Investor and Public Relations Bruce L. Connery
Vice President Office: (713) 420-5855 Media Relations Susan Argue
Manager Office: (713) 420-1544
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