GE Energy Financial Services announced March 31 that it is investing $150 million to acquire Houston-based investor Crest Group’s 30% interest in the fully contracted $1.1 billion Gulf LNG Energy terminal under construction in Mississippi.
The terminal is expected to be completed late next year.
The terminal, adjacent to the Bayou Casotte Ship Channel in the Port of Pascagoula on the Gulf Coast, will receive, store and regasify imported liquefied natural gas. Under construction are two 160,000 cubic meter natural gas storage tanks with a combined capacity of 6.6 billion cubic feet, 10 vaporizers and connections to the Gulfstream, Destin, Florida Gas Transmission and Transco pipelines.
The project has secured 20-year service agreements with major oil and gas companies to supply LNG for all of the terminal’s capacity. In addition to GE Energy Financial Services, the terminal’s owners are a subsidiary of El Paso Corporation, which is managing construction and will operate the facility, and Sonangol, Angola’s state-owned national oil company.