El Paso Corporation Receives FERC Approval for Ruby Pipeline
April 05 2010 - 5:11PM
Marketwired
El Paso Corporation (NYSE: EP) announced today that it has received
Federal Energy Regulatory Commission (FERC) approval for its Ruby
Pipeline project. Ruby is a 675-mile, 42-inch interstate natural
gas pipeline that will access significant Rockies supplies and make
them available to consuming markets in California, Nevada and the
Pacific Northwest.
"We are pleased to receive FERC approval for a major new
pipeline that will benefit both natural gas producers and consumers
in the western United States," said Jim Cleary, president of El
Paso's Western Pipeline Group. "We are proud of the fact that Ruby
will be the first carbon-neutral pipeline in U.S. history,
employing industry-leading technologies and measures to mitigate
potential climate, wildlife and habitat impacts from its
construction and operation."
Ruby will transport natural gas from an existing supply hub at
Opal, Wyoming, to interconnections near Malin, Oregon. It will have
an initial design capacity of up to 1.5 billion cubic feet per day.
Pending receipt of rights of way from the Bureau of Land
Management, construction of the $3 billion project is scheduled to
begin in late spring 2010, and it is scheduled to be in service in
March 2011.
El Paso has entered into agreements with Global Infrastructure
Partners (GIP), whereby GIP will invest up to $700 million in the
Ruby project. Upon satisfaction of various closing conditions, GIP
will acquire a 50 percent equity interest in the project.
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.
Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent
infrastructure fund that invests worldwide in infrastructure assets
and businesses in both OECD and select emerging market countries.
GIP targets investments in power and utilities, natural resources
infrastructure, air transport infrastructure, seaports, freight
railroad, water distribution and treatment and waste management.
GIP has offices in New York, London, Hong Kong and Sydney and
portfolio operations headquarters in Stamford, Connecticut. For
more information, visit www.global-infra.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain 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;
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.
Contacts: El Paso Corporation Investor-Media Relations Bruce
Connery, Vice President Office: (713) 420-5855 Media Relations
Richard Wheatley, Manager Office: (713) 420-6828 Global
Infrastructure Partners Investors Caryn Feinberg
caryn.feinberg@global-infra.com (212) 315-8183 Media Jack Cowell
jack.cowell@global-infra.com (212) 315-8133
El Paso (NYSE:EP)
Historical Stock Chart
From Jul 2024 to Aug 2024
El Paso (NYSE:EP)
Historical Stock Chart
From Aug 2023 to Aug 2024