Dominion Completes Acquisition of Cove Point
LNG Limited Partnership
RICHMOND, Va. - Dominion (NYSE: D) today completed
its $217 million acquisition of Cove Point LNG Limited Partnership, owner of
the nation's largest liquified natural gas import facility, from Williams (NYSE:
WMB).
The facility on the Chesapeake Bay near Baltimore
is expected to reenter service next spring and provide 5 billion cubic feet
of storage capacity and daily send-out capacity of 1 billion cubic feet. An
additional 2.5 billion cubic feet of storage capacity is planned and expected
to be in service by 2004.
Dominion announced the agreement to acquire Cove Point last
month.
Dominion,
headquartered in Richmond, Va., is one of the nation's largest energy companies.
