Sempra Energy and Shell Propose to Develop Mexican LNG Receiving Terminal

Monday, December 22, 2003
Shell International Gas Limited (Shell) and Sempra Energy LNG Corp., an affiliate of Sempra Energy, (NYSE:SRE), today announced their intention to form a 50/50 joint venture to build, own and operate a $600 million liquefied natural gas (LNG) receiving terminal in Baja California, Mexico. The terminal is to be located in Costa Azul on the west coast of Mexico, approximately 14 miles north of Ensenada and will be capable of supplying 1 billion cubic feet (Bcf) of natural gas per day. Shell and Sempra Energy LNG Corp. will share the investment costs of the terminal equally and each will take 50 percent of the capacity in the terminal. Approximately 500 million cubic feet per day of natural gas from the terminal will be used to meet the growing energy demands in western Mexico. Any surplus gas from the facility will be used to provide new gas supplies for the southwestern United States. The proposed joint venture will combine the two separate Baja California LNG receiving terminals proposed by Shell and Sempra Energy LNG Corp. into a single project, significantly reducing the impact on the local environment. It is expected that construction will begin in mid-2004 with terminal operations beginning in 2007. The terminal will be constructed and operated in accordance with all applicable local and international safety standards.
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