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NUI CORPORATION ENTERS NEGOTIATIONS WITH CITY OF CORPUS CHRISTI ON SALE OF NATURAL GAS SYSTEM

 BEDMINSTER, N.J., Jan. 20 /PRNewswire/ -- NUI Corporation (NYSE: NUI) has been selected by the City Council of Corpus Christi (Texas) to enter into formal negotiations regarding the possible acquisition of the City-owned natural gas distribution system. Following an RFP ("request for proposal") by the City Council, NUI Corporation is one of two companies that was selected at last night's city council meeting for negotiations following the review of proposals submitted in late December by various bidders. The proposal, which includes a bid of $38 million, covers a number of issues, including gas supply cost savings and rate issues. A sale of the system will require a public referendum for voter approval and would be scheduled with elections on April 3, 1993.
 The city's gas system, which is operated by approximately 140 employees, currently serves 56,000 customers, who are principally residential users. The city of Corpus Christi has a population of 260,000, and is home to the nation's sixth largest seaport.
 "We are very pleased to be working with city leaders in the possible acquisition of the city gas system," said John Kean, president of NUI Corporation. "We look forward to working with the employees and the community in developing a plan to expand natural gas services in Corpus Christi."
 In commenting on the acquisition of another gas utility by NUI, Mr. Kean added, "Nearly five years ago, City Gas Company of Florida was acquired by NUI, and the communities and residents have been very pleased by the results of this merger. Both the total number of employees and customers served in this Florida division have grown by 15 percent since that time. By joining with NUI, City Gas was able to provide increased service to its customers and to improve the company's gas supply management, which has helped City Gas maintain its competitive position."
 NUI Corporation, based in Bedminster, is an exempt public utility holding company engaged in the distribution of natural gas to over 316,000 customers through its operating divisions, Elizabethtown Gas Company in New Jersey and City Gas Company in Florida. NUI, or National Utility Investors, is traded on the New York Stock Exchange under the symbol "NUI." This year marks the one-hundredth year of continuous dividend payments by NUI Corporation.
 -0- 1/20/93 R
 /CONTACT: Alexandra Pruner of NUI Corporation, 908-781-7815/
 (NUI)


CO: NUI Corporation ST: New Jersey IN: OIL SU: TNM

AH-LR -- NY017 -- 6780 01/20/93 10:10 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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