4Gas, the world's only independent global developer and operator of import terminals for liquefied natural gas (LNG), has reached two milestones in the development of an LNG terminal near Corpus Christi, Texas.
In a step that broadens its span of the Atlantic, 4Gas, entered definitive agreements with affiliates of Exxon Mobil Corporation providing 4Gas with the option to purchase the interests of those affiliates in the Vista del Sol LNG Project Limited Partnerships. The Vista del Sol LPs have proposed an LNG Terminal to be located on land on Corpus Christi Bay in San Patricio County, Texas and an associated Natural Gas Pipeline. In addition they hold the major permits from the US Federal Regulatory Energy Commission, the US Army Corps of Engineers, and the State of Texas to develop the project. For more information on the project, see www.vistadelsollng.com. 4Gas will be conducting confirmatory due diligence before making a final decision by exercising the option to purchase the Vista del Sol LPs.
4Gas simultaneously entered a definitive agreement with DuPont providing 4Gas with the option to purchase a 300-acre site adjacent to DuPont's manufacturing site in Ingleside, Texas. On this site, 4Gas plans to build under the existing permits an LNG Regasification Terminal comprised of three 155,000 m3 full containment storage tanks, having an initial send-out capacity of 11 bcma (1bcf/d). The adjacent La Quinta ship channel on whose shoreline the LNG Terminal will be located has been determined to be suitable for LNG transport.
Exercising the option would give 4Gas two import locations moving toward completion on North America's eastern and southern shores: Maple LNG in Goldboro, Nova Scotia, and Vista del Sol near Corpus Christi, on the Gulf of Mexico. These two locations would serve North America's largest and most liquid gas markets from both North and South, would command premium regional markets in different and complementary seasons, and would offer coordinated strategies with 4Gas's other LNG import terminals.
4Gas' Dragon LNG terminal in Milford Haven, Wales, is under construction and will be operational in 2007. In addition to the projects in Wales and Nova Scotia, the company is also developing terminal projects in Rotterdam, The Netherlands (LionGas), and in the Port of Bordeaux, Le Verdon, France (Pegaz LNG). With exercise of the Vista del Sol purchase option, LNG from Vista del Sol would be added to 4Gas' extensive global portfolio.
4Gas operates independently of major oil and gas companies. Use of the facilities such as those planned for Vista del Sol is open to any third party gas supplier or user.