GE investing in Coast LNG terminal
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.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “GE investing in Coast LNG terminal”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- UMMC reaching out after death of high school football player
- Former Godwin CEO Danny Mitchell dies at 66
- Northrop Grumman lands $354M Air Force contract for Global Hawks
- Delta Council says condition of Highway 6 'of crisis dimensions'
- MDOT: Work on I-269 is on schedule, several phases at halfway point
- More school districts join MAEP lawsuit brought by Musgrove
- Thousands of acres of Delta farmland to go on auction block
- Court tosses challenge to Miss. Silicon’s clean air permit
- Another marker going up on Mississippi Country Music Trail