Paris

SG Corporate & Investment Banking (SG CIB), a division of Paris-based Societe Generale, said it has hired six new natural gas and power traders at its commodity derivatives desk in New York and plans to ramp up its U.S. energy trading business, extending its strong banking position from Europe into the U.S.

A subsidiary of Paris-based E&P giant Total has signed a 20-year agreement with Cheniere Energy Inc. for 1 Bcf/d of regasification capacity at the proposed Sabine Pass, LA, liquefied natural gas (LNG) import terminal, which received a favorable draft environmental review by the Federal Energy Regulatory Commission last month (see Daily GPI, Aug. 13).

A subsidiary of Paris-based E&P giant Total has signed a 20-year agreement with Cheniere Energy Inc. for 1 Bcf/d of regasification capacity at the proposed Sabine Pass, LA, liquefied natural gas (LNG) import terminal, which received a favorable draft environmental review by the Federal Energy Regulatory Commission last month (see NGI, Aug. 16).

Tractebel North America (TNA), a subsidiary of Paris-based SUEZ, said it is increasing its focus on its U.S. liquefied natural gas (LNG) and retail energy businesses and is selling Ripon Cogeneration, which operates two gas-fired cogeneration plants in California.

Tractebel North America (TNA), a subsidiary of Paris-based SUEZ, said it is increasing its focus on its U.S. liquefied natural gas (LNG) and retail energy businesses and is selling Ripon Cogeneration, which operates two gas-fired cogeneration plants in California.

Paris-based Elf Aquitaine submitted a counteroffer forTotalFina. Elf’s proposal would create two separate pure-play oiland gas and chemicals groups and annual pre-tax synergies of 2.5billion euros within three years of the combination. The dealoffers three Elf shares and 190 euros in cash for every five sharesin TotalFina, representing a premium of 10% to TotalFina’s closingprice on Friday July 16 (ex dividend). The transaction will beaccounted for under US GAAP using purchase accounting.

Florida-based FPL Energy Inc. said it will build, own andoperate a 1,000 MW, gas-fired power plant in Paris, TX, that willbe one of the largest independent generation projects in the state.Electricity generated at the site, about 100 miles northeast ofDallas, will be sold primarily in the Texas wholesale market. Threefirms, Texas Utilities Electric Co., Texas-New Mexico Power, andConstellation Power Source, have contracts to buy 700 MW of theplant’s output for various periods. Construction of thecombined-cycle plant is to begin immediately. Commercial operationis scheduled for mid-2000. The maximum daily quantity of gas thatwould consumed by the plant is 170,000 Dth/d.