Coastal signs permanent right-of-way Gulfstream easement with Manatee

Jul 20, 2000 02:00 AM

The Coastal Corporation announced that its Gulfstream Natural Gas System affiliate and the Manatee County Port Authority have signed multimillion dollar agreements for both a permanent right-of-way easement to cross through Port Manatee for a portion of Gulfstream's proposed 744-mile natural gas pipeline, as well as the use of port services and acreage.
Under the terms of the agreements, Gulfstream will make an initial payment totalling $ 1.48 mm. The agreements represent the first major acquisition of permanent right of way for the Gulfstream project and provide a landfall to Florida that has minimal impact to Florida's coastline and environment, while avoiding disruption to sea grass or mangroves in the region.
As part of these agreements, Gulfstream will lease up to 190 acres of vacant land at Port Manatee. The leased property will serve as a logistics base during Gulfstream's construction phase. The base will be used as a staging area where the large-diameter steel pipe -- being provided by Berg Steel of Panama City, FLA -- will be coated with concrete and stored before its placement offshore. Gulfstream and the Port Authority also are working toward a collaborative agreement for an overall restoration and long-term maintenance plan for an existing, uninhabited man-made island near the entrance to the Port.

"These historic agreements with the Port Authority for permanent right-of-way easements, leased land and port services mark the continuation of our longstanding business relationship between Port Manatee and Coastal for providing fuel to the central Florida region," said David A. Arledge, chairman and CEO of The Coastal Corporation. "With their progressive involvement in support of the Gulfstream project, the Manatee County Port Authority will play an important role in bringing additional clean-burning natural gas supplies to Florida to meet the state's growing power generation needs."
When complete, Gulfstream will have the capacity to deliver up to 1.1 bn cfpd of natural gas from Alabama across the Gulf of Mexico to Florida's East Coast. In Manatee County, the Gulfstream project is expected to have an economic impact during construction of more than $ 60 mm, according to a study by Orlando-based financial consultant Fishkind & Associates. The study also estimates that Gulfstream will have an overall economic benefit to Florida of more than $ 1.2 bn over a 21-year period.

The Coastal Corporation is a Houston-based energy holding company with consolidated assets of $ 15 bn and subsidiary operations in natural gas transmission, storage, gathering/processing and marketing; oil and gas exploration and production; petroleum refining, marketing and distribution; chemicals; power production; and coal.

Coastal and El Paso Energy announced on Jan. 18 a definitive agreement to merge Coastal with a subsidiary of El Paso, subject to various approvals. The merger is expected to be completed during the fourth quarter of this year.

Source: The Coastal Corporation via Newspage
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