Dominion CEO Thomas Farrell Makes Case For U.S. LNG Exports
WASHINGTON, April 23, 2013
WASHINGTON, April 23, 2013 /PRNewswire/ -- Dominion (NYSE: D) Chairman,
President and Chief Executive Officer Thomas F. Farrell II today discussed the
U.S. shale gas boom and the opportunities presented by liquefied natural gas
(LNG) exportation to lead the nation's return to economic health and restore
its status as a global energy leader. Farrell gave the remarks at the U.S.
Chamber of Commerce's Institute for 21st Century Energy in Washington, D.C.
"A superpower does not punch below its weight class and stay a superpower
forever," Farrell said. "We owe it to the American public – and to future
Americans – to act like the global leader we are and seize the energy
opportunities before us. . . . Exports will create incentives for American
companies to drill for more natural gas, create more economic growth, more
jobs and more government revenues – while at the same time, boosting
international stability, supporting our country's geopolitical interests and
reducing our trade deficits."
Dominion has announced that it is moving forward with its project to liquefy
natural gas for exportation at its Cove Point import terminal on the
Chesapeake Bay in Lusby, Md. Pending all necessary approvals, construction on
the $3.4-$3.8 billion project, with access to the Marcellus and Utica Shale
production areas, would begin in 2014, with an in-service date of 2017.
The capacity of the facility is fully subscribed, with signed 20-year terminal
service agreements. Pacific Summit Energy, LLC, a U.S. affiliate of Japanese
trading company Sumitomo Corporation, and GAIL Global (USA) LNG LLC, a U.S.
affiliate of GAIL (India) Ltd., each have contracted for half of the marketed
capacity. Sumitomo in turn has announced agreements to serve Tokyo Gas Co. and
Kansai Electric Power Co., Inc. GAIL is the largest natural gas processing and
distributing company in India.
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Dominion is one of the nation's largest producers and transporters of energy,
with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles
of natural gas transmission, gathering and storage pipeline and approximately
6,300 miles of electric transmission lines. Dominion operates the one of the
nation's largest natural gas storage system with 947 billion cubic feet of
storage capacity and serves retail energy customers in 15 states. For more
information about Dominion, visit the company's website at www.dom.com.
Contact: Media: Ryan Frazier, (804) 819-2521, C.Ryan.Frazier@dom.com
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