Posted on 05/18/2005 9:43:51 AM PDT by BurbankKarl
ConocoPhillips said Tuesday it has agreed to jointly develop a liquefied natural gas (LNG) import terminal at the Port of Long Beach with Mitsubishi Corp.'s Sound Energy Solutions unit, which already was in development on the project.
ConocoPhillips and Sound Energy said they will establish a 50-50 joint venture company to be known as SES Terminal LLC. The terminal would supply the local transportation market with vehicle-grade LNG.
The proposed $400 million terminal on 25 acres at Pier T in the West Basin of the Port of Long Beach would have the capacity to import nearly 5 million tons of LNG per year. The terminal would include two storage tanks holding up to 320,000 cubic meters of the liquid, just a few miles from such popular tourist attractions as the Queen Mary and Long Beach Aquarium. That proximity has generated opposition to the project from LNG critics.
Natural gas is liquefied through cooling to a minus 260 degrees Fahrenheit. This reduces its volume by a factor of 600 and allows it to be transported on tanker ships. The industry points to a long safety record, but there have been mishaps, including an explosion in 2004 in Algeria that killed 27.
Since Sound Energy Solutions was established in 2002, it has been completing applications for permits and performing technical and commercial preparation to develop the LNG import terminal,
A final investment decision to construct the terminal is expected in the first half of 2006, after all necessary state and federal approvals and permits have been obtained, ConocoPhillips said in a press release Tuesday. The terminal is expected to be completed in 2009.
EXCELLENT!
JOBS, JOBS, JOBS!!!
Do we know what the job impact will be.
Well, I am sure it will take some time for all this to get approved..
Conoco ? Isn't that one of Al Gore's holdings ?
But .. does this look like a good thing which will produce jobs ..?? I guess that's my real question. I thought the operation was partly up and running already and Conoco was just joining in ..?? Did I misread that ..??
I think Conoco is joining an existing project under development...
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