The Millennium Pipeline Co. is holding a nonbinding open season through May 31 for firm transportation service under its existing rate schedule FT-1 to be made available with existing capacity and construction of at least one compressor station and 60 miles of new pipeline that would connect to the Dominion Transmission system near Cortland, NY, and the Tennessee Gas Pipeline System near Syracuse, NY. For information, contact Stan Brownell, email@example.com.
The U.S. District Court for the Southern District of New York has ruled in favor of Chesapeake Energy Corp. in a $1.3 billion bond redemption dispute with the Bank of New York Mellon Trust Co. NA, a ruling that may allow the company to save more than $100 million in interest payments, according to CFO Nick Dell’Osso. Chesapeake had asked for the right to redeem the 6.775% senior notes due in 2019 as part of a broader refinancing of its outstanding debt obligations. The company plans to proceed with the redemption even if there is an appeal.
Crowley Maritime Corp.‘s petroleum services group is entering the liquefied natural gas (LNG) market by acquiring Carib Energy LLC. Florida-based Carib, founded in 2011, was the first company to receive a small-scale, 25-year, LNG export license from the U.S. Department of transportation to ship LNG from the U.S. into free trade agreement countries (see Daily GPI, Aug. 2, 2011). Carib provides an entry into the emerging energy market from which Crowley can grow its concentration on LNG transportation, the company said. A Crowley LNG services group has been formed within Crowley’s petroleum services business unit. The acquisition of Carib, which becomes a wholly owned subsidiary of Crowley Petroleum Services, provides Crowley an immediate book of business for the supply, transportation, and distribution of LNG via 10,000 gallon ISO tanks.
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