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.
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