PASCAGOULA — GE Energy Financial Services is investing $150 million in a liquefied natural gas receiving terminal under construction in Mississippi that will increase natural gas supplies to the Northeast and Southeast.
The business unit of GE is acquiring Houston-based investor Crest Group’s 30 percent interest in the fully contracted $1.1-billion Gulf LNG Energy terminal, expected to be completed late next year.
The terminal, adjacent to the Bayou Casotte Ship Channel in the Port of Pascagoula, will receive, store and re-gasify — turn back into gas — imported liquefied natural gas (LNG). Under construction are two 160,000 cubic meter natural gas storage tanks with a combined capacity of 6.6 billion cubic feet, 10 vaporizers and connections to the Gulfstream, Destin, Florida Gas Transmission and Transco pipelines. The project has secured 20-year service agreements with major oil and gas companies to supply LNG for all of the terminal’s capacity. In addition to GE Energy Financial Services, the terminal’s owners are a subsidiary of El Paso Corporation, which is managing construction and will operate the facility, and Sonangol, Angola’s state-owned national oil company.
The Port of Pascagoula will benefit from lease payments from the terminal, along with port fees and payments from LNG vessels. In addition, the project’s owners expect that once operational, the terminal will offer up to 60 full-time jobs.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info