SOURCE: El Paso Corporation

El Paso Corporation

April 05, 2010 17:11 ET

El Paso Corporation Receives FERC Approval for Ruby Pipeline

HOUSTON, TX--(Marketwire - April 5, 2010) -  El Paso Corporation (NYSE: EP) announced today that it has received Federal Energy Regulatory Commission (FERC) approval for its Ruby Pipeline project. Ruby is a 675-mile, 42-inch interstate natural gas pipeline that will access significant Rockies supplies and make them available to consuming markets in California, Nevada and the Pacific Northwest. 

"We are pleased to receive FERC approval for a major new pipeline that will benefit both natural gas producers and consumers in the western United States," said Jim Cleary, president of El Paso's Western Pipeline Group. "We are proud of the fact that Ruby will be the first carbon-neutral pipeline in U.S. history, employing industry-leading technologies and measures to mitigate potential climate, wildlife and habitat impacts from its construction and operation." 

Ruby will transport natural gas from an existing supply hub at Opal, Wyoming, to interconnections near Malin, Oregon. It will have an initial design capacity of up to 1.5 billion cubic feet per day. Pending receipt of rights of way from the Bureau of Land Management, construction of the $3 billion project is scheduled to begin in late spring 2010, and it is scheduled to be in service in March 2011.

El Paso has entered into agreements with Global Infrastructure Partners (GIP), whereby GIP will invest up to $700 million in the Ruby project. Upon satisfaction of various closing conditions, GIP will acquire a 50 percent equity interest in the project. 

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com.

Global Infrastructure Partners

Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York, London, Hong Kong and Sydney and portfolio operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

Cautionary Statement Regarding Forward-Looking Statements

This release includes certain forward-looking statements and projections. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, our ability to obtain all necessary federal, state and local regulatory approvals; our ability to successfully construct and operate the proposed facilities described in this release; general economic conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located; and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

Contact Information

  • Contacts:
    El Paso Corporation
    Investor-Media Relations
    Bruce Connery, Vice President
    Office: (713) 420-5855

    Media Relations
    Richard Wheatley, Manager
    Office: (713) 420-6828

    Global Infrastructure Partners
    Investors
    Caryn Feinberg
    caryn.feinberg@global-infra.com
    (212) 315-8183

    Media
    Jack Cowell
    jack.cowell@global-infra.com
    (212) 315-8133