ConocoPhillips and Sound Energy Solutions Sign MOU; Companies to Work Jointly on Developing Proposed West Coast LNG Import Terminal.HOUSTON -- ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP) and Sound Energy Solutions (SES), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Mitsubishi Corporation, today announced that they have signed a non-binding Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to work jointly on the continuing development of the proposed SES liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. import terminal. SES is proposed to be located in the Port of Long Beach, Calif. The terminal would have a send-out capacity of 700 million cubic feet of gas per day (MMCFD) with a peak capacity of 1,000 MMCFD. The facility could become operational in 2008 upon receiving permit approval from the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. and California state agencies. For more information about the project, go to www.soundenergysolutions.com. Mitsubishi Corporation is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise. For more information, go to www.mitsubishicorp.com. ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com. |
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