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PANHANDLE EASTERN CORPORATION'S NEW STORAGE SUBSIDIARY ANNOUNCES FIRST GAS STORAGE PROJECT

 HOUSTON, Oct. 8 /PRNewswire/ -- Panhandle Eastern Corporation's (NYSE: PEL) new gas storage subsidiary, Panhandle Storage Company, announced its interest in a partnership that plans to develop a 42 billion cubic foot (Bcf) underground natural gas storage field in Washington Township, Mich., about 30 miles northeast of Detroit.
 The project, a partnership between subsidiaries of MCN Investment Corporation (40 percent), TransCanada PipeLines Limited (40 percent), Union Gas Limited (10 percent) and Panhandle Eastern (10 percent), will take about two years to complete at a cost of about $120 million. On Oct. 7, the partners filed an application with the Michigan Public Service Commission for approval of the project.
 The Washington Township storage field represents the first storage project for Panhandle Storage Company which was recently organized to engage in the development of new storage facilities and to provide storage services in the new competitive natural gas markets.
 "Panhandle Eastern is committed to be a customer oriented company in the new environment created by Order 636," said Steve Roverud, senior vice president of Panhandle Eastern Pipe Line Company, "and Panhandle Storage will assist our company in meeting the needs of new and traditional customers. We anticipate that this project will be the first of many to come."
 MCN Investment Corporation will operate the new storage field which is a conversion of a depleted underground natural gas field originally discovered in 1969. Each of the partners or their affiliates will be storing gas under long-term contracts. The field should be operational for the 1995/96 heating season.
 Panhandle Eastern Corporation, America's natural gas transportation company, operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas transportation and related services to the Midwest and Northeast markets.
 -0- 10/8/93
 /CONTACT: Danny P. Gibbs, media, 713-627-5011, Brad Porlier, investor relations, 713-627-4600, or 800-347-3636, both of Panhandle Eastern Corporation/
 (PEL)


CO: Panhandle Eastern Corporation; MCN Investment Corporation ST: Texas IN: OIL SU: PDT

LD -- NY068 -- 0358 10/08/93 17:44 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
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