Sunoco Closes Deal on Eagle Point Cogen

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). On May 5, 2004, Sunoco, Incorporated (NYSE: SUN) finalized the acquisition of the Eagle Point Cogeneration Station from El Paso Corporation (NYSE: EP).

The Eagle Point Cogen (Plant 1033887) is located in Westville, New Jersey in Gloucester County. The plant consists of two natural gas/#2 Fuel Oil-fired General Electric (GE) MS7001EA combustion turbines, (2) Nooter/Eriksen Heat Recovery Steam Generators (HRSG) and one 45 MW GE steam turbine/generator for a total of 225 MW of electricity.

The Eagle Point Cogeneration Plant commenced operations in 1990. El Paso agreed to sell the plant to Sunoco as part of the Eagle Point Refinery earlier this year. El Paso sold the Eagle Point Refinery and Cogen plant to focus on their natural gas business and reduce the company's debts. Sunoco bought the Eagle Point Refinery to increase their refining capacity in the Northeast United States.

Sunoco, Inc was founded in the late 1800's. They are based in Philadelphia, Pennsylvania and are known to be one of the leading marketers and manufacturers of petrochemical and petroleum products.

El Paso Corporation is headquartered in Houston, Texas. This huge corporation is known for production and sales of their electricity and natural gas. El Paso Corporation also owns the largest pipeline system and is one of the largest independent natural gas producers in North America.