KeySpan and BG LNG Services to upgrade Providence LNG facility: KeySpan Corp., a natural gas distributor in the Northeast, and BG LNG Services LLC, an importer of LNG into the U.S., have announced a joint initiative to examine the feasibility of upgrading KeySpan’s existing LNG storage and receiving terminal in Providence, R.I. Pending approvals, the facility could be ready to accept marine deliveries by 2005. Currently, the facility is filled each summer by tanker trucks coming from Boston. The proposed upgrades would allow those deliveries to be made by ship and would include infrastructure improvements that will allow the gas to be transported via the Algonquin Pipeline G-system. KeySpan is anticipating an investment of more than $50 million to upgrade the site.
El Paso Corp. sells its interest in Portland Natural Gas Transmission: El Paso Corp. announced that it executed an agreement to sell its 29.64 percent interest in Portland Natural Gas Transmission System to TransCanada Corp. for about $56 million. The deal is expected to close during the fourth quarter of 2003.
Piedmont Natural Gas completes purchase from Progress Energy: Piedmont Natural Gas announced that it has closed on its purchase of North Carolina Natural Gas, a natural gas distribution subsidiary of Progress Energy, and Progress Energy’s investment in EasternNC for $425 million in cash, plus $32.4 million for estimated working capital.