El Paso to Buy Half-Interest in LNG Project

Wednesday, 28 Nov 2007 | 11:35 AM ET

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.


Contact Utilities


    Get the best of CNBC in your inbox

    › Learn More


  • Pump jacks and wells are seen in an oil field on the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom, March 23, 2014 near McKittrick, California.

    Brent crude futures turned lower after Russia said top diplomats have agreed to take immediate steps toward calming tensions in Ukraine.

  • An employee wipes a TV screen in a shop in Moscow, on April 17, 2014, during the broadcast of President Vladimir Putin's televised question and answer session with the nation.

    Russian President Vladimir Putin warned of possible disruption to Europe's gas supply on Thursday, as the U.S. confirmed it would send additional military support to Ukraine.

  • A former BP employee will pay to settle allegations of insider-trading during the 2010 Deepwater Horizon oil spill.