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The $900 million LNG receipt terminal is capable of processing up to 1.5 billion cubic feet per day (Bcf/d) of natural gas. At the peak of its four-year construction, the project employed more than 1,000 workers.
"Cameron LNG represents the most visible of our recent Gulf Coast natural gas infrastructure investments, which also include pipelines, natural gas storage facilities and a natural gas utility," Felsinger said. "With this new terminal, and our existing Energia Costa Azul terminal on the West Coast, we are the only company able to provide access to the North American market from either the Pacific or Atlantic basins."
"This project would not have been possible without the help of many businesses, elected leaders, regulators and local residents," Felsinger said. "We look forward to working with the state of Louisiana on future energy projects that address the state's energy needs and those of our nation."
"Sempra Energy's decision to invest $900 million and establish Cameron LNG in Southwest Louisiana is building upon this region's terrific economic momentum," said Gov. Bobby Jindal. "We have recently announced several major projects in Southwest Louisiana including Shaw Modular Solutions, the Northrop Grumman KC-10 contract and now, the official start up of Cameron LNG. These announcements reflect the comprehensive reforms we have made to Louisiana's business climate, which have enabled our state to continue successfully attracting companies during this time of national economic downturn."
Cameron LNG's first cargoes of imported natural gas arrived in June and the project began commercial operations on July 30.
About 65 percent of the combined 2.5 Bcf/d capacity of the Energia Costa Azul and Cameron LNG terminals is contracted. Cameron LNG has a 20-year contract with Eni S.p.A., an Italian energy company, and a flexible agreement with RasGas to purchase up to 50 LNG cargoes through Dec. 31, 2010. Energia Costa Azul's capacity is contracted under agreements with Shell, Gazprom and Sempra LNG Marketing. Sempra LNG Marketing's capacity agreement is supported by a long-term supply agreement with BP Tangguh Partners' liquefaction project in Indonesia.
The natural gas processed at Cameron LNG will be used in the Gulf Coast, East Coast and Southeastern United States.
In addition to the new Cameron LNG receipt terminal, Sempra Energy's Gulf Coast assets include: the Cameron Pipeline; the Mississippi Hub, Liberty Gas Storage and Bay Gas underground natural gas storage caverns; and Mobile Gas, an Alabama natural gas utility with more than 90,000 customers.
Sempra LNG develops and operates LNG receipt terminals serving North American markets. Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2008 revenues of nearly $11 billion. The Sempra Energy companies' 13,600 employees serve more than 29 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "would," "could," "should," or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board, and other regulatory and governmental bodies in the United States, the United Kingdom and other countries; capital market conditions and inflation, interest and exchange rates; energy and trading markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system without charge at the SEC's Web site, www.sec.gov and on the company's Web site, at www.sempra.com.
Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and Sempra Commodities are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and Sempra Commodities are not regulated by the California Public Utilities Commission.
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Media Contact: Art Larson Sempra Energy (877) 866-2066 www.sempra.com Financial Contact: Glen Donovan Sempra Energy (877) 736-7727 Email Contact
SOURCE: Sempra Energy
http://www.sempra.com http://www2.marketwire.com/mw/emailprcntct?id=7ED1E58B6477CDCD
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