El Paso Corporation advances Ruby Pipeline project

Jun 26, 2008 (M2 EQUITYBITES via COMTEX) -- EP | Quote | Chart | News | PowerRating -- El Paso Corporation (NYSE:EP), a provider of natural gas and related energy products, said on 25 June that its subsidiary, Ruby Pipeline LLC, has announced the receipt of more than 1.1 billion cubic feet per day (Bcf/d) of binding commitments contracts from customers for a term of 10- to 15-years for its USD3bn Ruby Pipeline project, subject to regulatory approvals.

The Ruby Pipeline is a 670-mile, 42-inch interstate pipeline, that will extend from the Opal Hub in Wyoming to a pipeline interconnect at Malin, Oregon, near California's northern border. The pipeline will have an initial design capacity of between 1.3 Bcf/d and 1.5 Bcf/d, depending on the final level of customer commitments, and will be in service by March 2011. The company stated that it has a committed backlog of new pipeline projects in the value of approximately USD7bn, including Ruby. The projects will be placed in service over the next five years.

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