Tractebel Plans LNG Receiving Terminal Capacity Expansion in New England

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Neptune LNG LLC (Houston, Texas), a subsidiary of Tractebel LNG North America LLC (Houston, Texas), is planning to construct a new offshore LNG receiving terminal off the coast of Massachusetts. The planned LNG floating storage and regasification unit (FSRU) will be located in federal waters, 22 miles northeast of Boston and ten miles south of Gloucester.

The Neptune LNG deepwater port will be designed to provide an average of 400-500 million cubic feet per day of natural gas. The FSRU will be connected with the pipeline grid by a 25-mile-long 24-inch diameter subsea pipeline. There is a possibility that the pipeline will interconnect with Tractebel's Everett Marine LNG terminal in Boston Harbor, which is operated by Distrigas of Massachusetts, a subsidiary of Tractebel.

Presently, Neptune is conducting environmental studies and expects to complete the studies and file with the federal government in mid-2005. After a 12-15 month regulatory review, Neptune could begin construction on the $900 million LNG facility, as early as late 2006, with a proposed in-service date in late 2009 or early 2010. If constructed, Neptune LNG would be able to take advantage of the expected growth in the demand for natural gas in New England, which is expected to average 1% - 2% over the next twenty years. The Neptune Project itself could heat 1.5 million homes, if constructed. Tractebel LNG North America LLC is a business unit of Tractebel Electricity & Gas International, which in turn is a subsidiary of SUEZ (NYSE:SZE ) (Paris, France).

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