TEXAS EASTERN TRANSMISSION ANNOUNCES A MAJOR NEW NORTHEAST TRANSPORTATION PROJECT
TEXAS EASTERN TRANSMISSION ANNOUNCES
A MAJOR NEW NORTHEAST TRANSPORTATION PROJECT
HOUSTON, Nov. 18 /PRNewswire/ -- Texas Eastern Transmission Corporation (TETCO), a subsidiary of Panhandle Eastern Corporation (PEC) (NYSE: PEL), has filed an application with the Federal Energy Regulatory Commission requesting authorization to construct facilities and to provide new firm transportation services to the Northeast market under its Integrated Transportation Project (ITP).
The ITP is a one-stop transportation service that will utilize all four of PEC's interconnected gas transmission pipelines: TETCO, Trunkline Gas Company (Trunkline), Panhandle Eastern Pipe Line Company (PEPL) and Algonquin Gas Transmission Company (Algonquin). The ITP will use existing capacity on Trunkline and PEPL. Trunkline's Lebanon Lateral is a key link in the transportation service.
ITP service will be used by TETCO and Algonquin customers purchasing domestic supplies originating primarily in the natural gas producing areas of the Gulf Coast and Arkoma Basin. The project will provide broad access to these domestic supplies utilizing PEC's interconnected pipelines.
The completed project will allow the company to provide firm transportation service of about 260 million cubic feet per day of natural gas to six Northeast customers who have entered into 20-year agreements with TETCO and/or Algonquin. The service will be phased in over three years beginning in 1993. The cost of TETCO's facilities for this service is estimated at $251 million.
"The ITP is an example of the operating efficiencies created by using the combined resources of Panhandle's four major pipelines. It is further evidence of Panhandle's commitment to provide customers additional, competitively priced firm transportation services for domestic natural gas supplies. These services are needed to meet the growing demand for natural gas in traditional as well as new markets resulting from clean air initiatives," said George Mazanec, TETCO president.
Panhandle Eastern Corporation operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas to the Midwest and Northeast markets.
/CONTACT: John P. Barnett (media), 713-627-4072, or Dorothy M. Ables (investors), 713-627-4600, both of Panhandle Eastern/ CO: Texas Eastern Transmission Corporation; Panhandle Eastern
Corporation ST: Texas IN: OIL SU: JT -- NY067 -- 1455 11/18/91 12:44 EST