Convert

FERC on Tuesday issued a certificate to Dominion Transmission Inc. (DTI) to convert existing oil wells at its Fink Storage Field in Lewis County, WV, to natural gas storage wells and to expand the existing storage reservoir boundary to stop further migration of gas from its storage operations.

KeySpan apparently had a grand design in mind when it purchased the Algonquin LNG peak shaving facility in Rhode Island from Duke Energy last December. The company has announced an agreement with BG LNG Services to upgrade the facility and turn it into an LNG import terminal that could be ready to take deliveries in 2005.

KeySpan apparently had a grand design in mind when it purchased the Algonquin LNG peak shaving facility in Rhode Island from Duke Energy last December (see Daily GPI, Dec. 16). The company has announced an agreement with BG LNG Services to upgrade the facility and turn it into an LNG import terminal that could be ready to take deliveries in 2005.

El Paso Natural Gas this week received approval to begin the internal cleaning of its Line 2000, which would convert the former All American oil pipeline to gas service. The internal cleaning, or “pigging,” will begin at the La Paz pump station, and when this portion of the conversion is completed, the project will add about 230 MMcf/d of new capacity by Aug. 31.

El Paso Natural Gas has announced plans to convert a portion of its All America Pipeline into a bi-directional lateral between Daggett, CA, and Ehrenberg, AZ, to better facilitate transfers of gas among the various pipelines and LDC systems in California.

El Paso Natural Gas has announced plans to convert a portion of its All America Pipeline into a bi-directional lateral between Daggett, CA, and Ehrenberg, AZ, to better facilitate transfers of gas among the various pipelines and LDC systems in California.

Koch Gateway Pipeline informed FERC this week that on Dec. 31 itwill change its name to “Gulf South” and convert from a corporationto a limited partnership under Section 266 of the Delawareconversion statute. Koch said the conversion would have no impacton ratepayers. “If, however, Gulf South admits individual partners,through either a private or pubic offering of limited partnershipinterests, it will make a limited Section 4 rate filing within 90days to address any rate impacts of that change,” Koch said in itsDec. 22 filing with the Commission.

Mountain Energy Corp., a gas marketer in Kansas City, MO, saidlast week it has had to ask about 10% of its customers to converttheir fixed-priced supply contracts to index-based arrangements forthe remainder of their contract terms due to a “major dispute” withAnadarko Energy Services over the “hedging of our accounts.”

The members of the New York Mercantile Exchange voted 97.5% infavor of a demutualization plan yesterday that will make the exchangethe first in New York to convert from a not-for-profit membershipstructure under New York law to a for-profit organization underDelaware law (see Daily GPI, May 5). Thedemutualization plan calls for the equity in the exchange to remainwith the seat-owners of its Nymex Division. “Today’s approval, is justthe first step in repositioning the Exchange as a 21st centurybusiness enterprise that will create and pursue profitable newopportunities, react rapidly and decisively in an increasinglycompetitive marketplace, and explore interest by outside investors,”said Exchange Chairman Daniel Rappaport. The plan has already receivedapproval from the Securities and Exchange Commission and the Exchangeanticipates approval shortly from the Commodity Futures TradingCommission. It is also seeking a favorable tax ruling from theInternal Revenue Service. A new stock-holding company named NymexHoldings, Inc., will be formed to own all of the economic interestsand most of the voting control in the for-profit membershipcorporation. Each existing Nymex Division membership will be convertedinto one share of common stock in Nymex Holdings. The Exchange is thelargest physical commodity exchange in the world, with volume reachingclose to 110 million contracts in 1999.