El Paso to Buy Half-Interest in LNG Project

Natural gas producer and pipeline companyEl PasoWednesday it has entered into an agreement to acquire a 50 percent interest in a liquefied natural gas project in Mississippi from Crest Group and Sonangol.

The terminal, which is estimated to cost about $1.1 billion, is due to begin operations in late 2011. A subsidiary of El Paso would operate the facility and manage its construction, said the company.

Crest Group, consisting of Houston-based investors, would own 30 percent of the project, and Sonangol USA would own 20 percent. Sonangol is the state-owned national oil company of Angola.