PITTSBURGH, Nov. 30 /PRNewswire-FirstCall/ -- Equitrans, a subsidiary
of Equitable Resources (NYSE: EQT) has received final approval from the
Federal Energy Regulatory Commission (FERC) to proceed with its Big Sandy
Pipeline Project for eastern Kentucky.
Equitrans received a FERC certificate in mid-November, which authorized
construction of the pipeline subject to certain operational, commercial and
environmental conditions. Equitrans' recently submitted implementation plan
addressed those conditions and received FERC approval Nov. 29.
FERC's approval of the implementation plan was the final regulatory
authorization required for Equitrans to begin construction of the 68-mile
pipeline. The $150 million pipeline project has received broad market
support, with 10 producers signing firm transportation agreements.
Equitrans has begun construction of the pipeline, which will be built in
primarily non- residential areas across Floyd, Johnson, Lawrence, and
Carter counties. It is expected to be operational in summer 2007,
transporting 130,000 dekatherms of natural gas per day -- enough to heat an
average of 400,000 homes a year.
In addition to the Pipeline, Equitable Resources is investing $40
million into expansion of its compression and processing facility located
at Langley, KY. The gas processed by this facility will be transported on
the Big Sandy Pipeline and other interconnecting interstate pipelines.
"The Big Sandy Pipeline Project will give eastern Kentucky natural gas
producers a viable option to move their gas, while providing additional
infrastructure benefits to eastern Kentucky," said Murry S. Gerber,
president and chief executive officer of Equitable Resources. "Equitable is
expending significant capital to assure that Kentucky natural gas gets to
market; for the benefit of Kentucky producers and consumers."
Equitable Resources is an integrated energy company that produces,
transports, supplies, and distributes natural gas through primary
operations in Kentucky, West Virginia, Virginia, and Pennsylvania. For
additional information on the Equitable Resources family of companies,
visit http://www.eqt.com.
Forward-Looking Statements
Statements that relate to the plans of the Company to build the Big
Sandy Pipeline are forward-looking. A variety of factors could cause the
Company's actual results to differ materially from the anticipated results.
The risks and uncertainties that may affect the results of the Company's
forward-looking statements include, but are not limited to, those set forth
under Item 1A, "Risk Factors" of the Company's Form 10-K for the year ended
December 31, 2005.
SOURCE Equitable Resources, Inc.
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Related links:
http://www.eqt.com/
CONTACT:
Media, Patricia Kornick, +1-412-553-5738, or
Analysts, Pat Kane, +1-412-553-7833, both of Equitable Resources,
Inc.
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