4Gas, the global independent LNG terminal developer and operator, said Friday that it has decided to exercise its option on land for the Vista del Sol LNG Terminal. Completion of the transaction is intended to take place on Nov. 28, 2007. This decision is a crucial step in the development of an LNG terminal near Corpus Christi, Texas.
In December 2006 4Gas secured two options: one to purchase DuPont's 300-acre site adjacent to DuPont's manufacturing site in Ingleside, near Corpus Christi, Texas and one to purchase the interests of affiliates of Exxon Mobil Corporation in the Vista del Sol LNG Project Limited Partnerships. The Vista del Sol LPs have proposed an LNG Terminal and an associated Gas Pipeline to be located on land on Corpus Christi Bay in San Patricio County, Texas. 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. Exercising the option to purchase the interests of affiliates of Exxon Mobil Corporation in the Vista del Sol LNG Project Limited Partnerships will happen in the financial year 2007.
At Ingleside, 4Gas plans to build under the existing permits an LNG Regasification Terminal with an initial regasification capacity of 10 billion cubic meters per annum. It encompasses three 155,000 m3 full containment storage tanks, delivering a peak send-out capacity of 14 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.
With this terminal added to the North American 4Gas portfolio, the company is now offering access to both the US Gulf Coast and the Northeast (via Goldboro, Canada).
These two locations can serve North America's largest and most liquid gas markets from both North and South, command premium regional markets in different and complementary seasons, and provide coordinated strategies with 4Gas's other LNG import terminals.
4Gas is dedicated to developing and operating LNG import, regasification and storage terminals around the world. It is the world's only independent company with a focus on LNG and a global footprint.Current projects include Dragon LNG in Milford Haven, Wales; the LionGas project in Rotterdam, The Netherlands; the Pegaz LNG project near Bordeaux, France; the MapleLNG project in Nova Scotia, Canada; and the Vista del Sol project in Corpus Christi, Texas, USA. 4Gas has offices in Rotterdam (HQ), London, Houston, Halifax, Paris, Jakarta, Bordeaux, Moscow, Islamabad, Abuja and Hong Kong.