Wholly

Cheniere Energy said Thursday that FERC has given its wholly-owned limited partnership, Sabine Pass LNG LP (Sabine), clearance to begin construction on what will be the largest liquefied natural gas (LNG) import terminal in North America when it begins commercial operations in 2008.

London-based BG Group announced last week that its wholly-owned subsidiaries, BG LNG Services LLC and BG Gas Marketing Ltd., have completed a long-term agreement to acquire all of El Paso Merchant Energy’s capacity in the Elba Island liquefied natural gas (LNG) regasification terminal in Georgia and related LNG purchase and gas sale agreements.

London-based BG Group announced Monday that its wholly-owned subsidiaries, BG LNG Services LLC and BG Gas Marketing Ltd., have completed a long-term agreement to acquire all of El Paso Merchant Energy’s capacity in the Elba Island liquefied natural gas (LNG) regasification terminal in Georgia and related LNG purchase and gas sale agreements.

Williams said it closed the previously announced agreement to repurchase preferred shares held by a wholly owned subsidiary of MidAmerican Energy Holdings Co. Williams redeemed all of the outstanding 9-7/8% cumulative-convertible preferred shares for $289 million, plus $5.3 million for accrued dividends. In March 2002, Williams sold the 1.5 million preferred shares to MidAmerican in a $275 million transaction. It repurchased the preferred shares with proceeds from a private placement of 5.5% junior subordinated convertible debentures due 2033. The new convertible debentures provide Williams with more favorable terms, which on an annual basis result in $17 million in lower after-tax carrying costs compared with the preferred convertible shares Williams repurchased. The company also closed its previously announced underwritten public offering of 8.625% senior unsecured notes due 2010. Williams will use the net proceeds from the $800 million offering to improve corporate liquidity, for general corporate purposes, and for payment of maturing debt obligations, including the partial repayment of the company’s senior unsecured 9.25% notes due March 2004.

SGR Holdings, L.L.C. announced Tuesday that its wholly-owned subsidiary, SG Resources Mississippi, L.L.C., (SGRM) has executed its pipeline interconnect agreement with Florida Gas Transmission Company (FGT) as part of its phased expansion for the Southern Pines Energy Center, a new 12 Bcf salt cavern natural gas storage facility to be located in Greene County, MS.

Fitch Ratings said Thursday that it has downgraded the ratings of the Duke Energy Corp. and its wholly owned subsidiary Duke Capital Corp. in response to management’s recent announcement that profits in 2002 and 2003 will be well below previous expectations. The rating agency lowered Duke Energy’s first and refunding mortgage bonds to “A+” from “AA-“, senior unsecured debt to “A” from “A+” and preferred stock to “A-” from “A”.

Fitch Ratings said Thursday that it has downgraded the ratings of the Duke Energy Corp. and its wholly owned subsidiary Duke Capital Corp. in response to management’s recent announcement that profits in 2002 and 2003 will be well below previous expectations. The rating agency lowered Duke Energy’s first and refunding mortgage bonds to “A+” from “AA-“, senior unsecured debt to “A” from “A+” and preferred stock to “A-” from “A”.

Houston-based Marathon Oil Co., a wholly owned subsidiary of Marathon Oil Corp., said last week it acquired the rights of bankrupt Enron Corp. to deliver and sell liquefied natural gas (LNG) at the El Paso Corp.-owned Elba Island terminal facilities near Savannah, GA. The U.S. Bankruptcy Court for the Southern District of New York approved the transfer of ownership to Marathon, which was the successful bidder for the rights at $31.9 million.

Houston-based Marathon Oil Co., a wholly owned subsidiary of Marathon Oil Corp., said Tuesday it has acquired the rights of bankrupt Enron Corp. to deliver and sell liquefied natural gas (LNG) at the El Paso Corp.-owned Elba Island terminal facilities near Savannah, GA. The U.S. Bankruptcy Court for the Southern District of New York last week approved the transfer of ownership to Marathon, which was the successful bidder for the rights at $31.9 million.