Cardinal Gas Storage Partners LLC unit Cadeville Gas Storage LLC has executed a 10-year precedent agreement with Shell Energy North America (US) LP to construct a depleted reservoir gas storage facility in Ouachita Parish, LA, near the Perryville/Delhi Hub in northeast Louisiana. “…[A]bundant supply has triggered renewed interest in natural gas from a variety of industries, including power generation, commercial and manufacturing sectors,” said Shell Energy North America President Frans Everts. “Cadeville’s strategic location will enhance Shell Energy’s ability to provide attractive supply options to customers located east of the Rockies.” The facility is expected to be in service in 2013 and designed to have 17 Bcf of working gas capacity.
Southern Union Co. shareholders at a special meeting overwhelmingly approved a proposed merger with Energy Transfer Equity LP (ETE), which when completed would create the largest natural gas pipeline company in the United States (see Daily GPI, July 20). About 80% of the outstanding shares of Southern Union’s common stock as of the record date were voted, with 98% in favor. CEO George L. Lindemann called the merger the “right next step” for the company. Shareholders would receive $44.25/cash for each outstanding Southern Union common share or one ETE common unit per share. Pending all of the regulatory approvals by federal and state officials, the merger is expected to close in 1Q2012.
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