GE Energy Financial Services is injecting further funds into a $1.1 billion (818 million) LNG regasification terminal under construction in Pascagoula, Mississippi, US, aimed at increasing supplies of gas to the northeastern and southeastern US.
GE is acquiring Houston-based investor Crest Groups 30% interest in the fully contracted $1.1 billion Gulf LNG Energy terminal, which is scheduled for completion by yearend 2011, and will invest a further $150 million.
The terminal, adjacent to the Bayou Casotte Ship Channel in the Port of Pascagoula on the Gulf Coast, will receive, store and regasify imported LNG.
Under construction are two 160,000m3 gas storage tanks with a combined capacity of 6.6 bcf, 10 vaporisers, and connections to the Gulfstream, Destin, Florida Gas Transmission, and Transco pipelines.
GE said the project has secured 20-year service agreements with major oil and gas companies to supply LNG for all of the terminals capacity.
The plant is to be supplied mainly by Angola LNG, the future gas liquefaction plant near Soyo in Angola's Zaire province.