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Industry Briefs

Industry Briefs

Conoco yesterday held its first meeting of stockholders in 18 years following the company's record-setting $4.4 billion initial public offering in October 1998, that launched Conoco's eventual separation from DuPont. Conoco CEO Archie Dunham said the final split-off from DuPont is expected to occur in the third quarter of this year when DuPont will offer its shareholders the opportunity to exchange DuPont shares for Conoco shares.

South Carolina Pipeline, a subsidiary of Scana Corp., started an open season May 10 for the Carolinas Pipeline project, a proposed interstate natural gas pipeline that will supply gas service to customers in South Carolina and North Carolina. The Carolinas Pipeline, which is projected to cost $153 million, will encompass the majority of South Carolina Pipeline's existing system, which would convert to an interstate pipeline and could be extended from Marlboro County an additional 30-40 miles to Pembroke, NC, or to other points in North Carolina as the market demands. Plans are to provide service from Gastonia through Greensboro, Durham and Raleigh to Wilmington. Firm transportation service is expected to cost 15-30 cents/Dth, based on a straight-fixed variable rate design methodology. Actual rates will be determined by market developments, terms of agreements and cost of construction. The open season will conclude June 30. SCPC plans to file its FERC application by the end of this year, with construction slated for 2001 and an in-service date of first quarter 2002. For details contact Sam Dozier, vice president of customer service, at (803) 217-6457.

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