EXXONMOBIL PROPOSES $600 MILLION TEXAS LNG PROJECT

Hart's Petroleum Finance Week, November, 2003

ExxonMobil Corp. (NYSE: XOM) affiliate Golden Pass LNG Terminal LP plans to develop a $600 million liquefied natural gas (LNG) receiving terminal near Sabine Pass, Texas. The terminal, which will process imported LNG for distribution throughout Texas and the United States, should take about three years to build and is expected to be operational in 2008 or 2009.

Initial processing capacity will be 1 billion cubic feet (Bcf) per day of LNG. The plant will be designed for a future expansion to 2 Bcf per day of throughput.

ExxonMobil initiated the permitting process last week with the Federal Energy Regulatory Commission, an undertaking that typically lasts about 18 months.

ExxonMobil holds purchase options for potential LNG import sites in Corpus Christi,...

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