LUSBY, Md., March 25, 2015 /PRNewswire/ -- Dominion (NYSE:
D), one of the nation's largest energy companies, today celebrated
with its international business partners and Maryland community leaders the construction of
the Dominion Cove Point LNG Liquefaction project.
Kenichiro Sasae, the Japanese ambassador to the United States, and Maryland Gov. Larry
Hogan joined Dominion Chairman Thomas F. Farrell II at the ceremony, along with
Diane Leopold, president, Dominion
Energy; Kazuhiro Takeuchi,
president, CEO, and general manager for the Americas, Sumitomo Corp
of Americas; Jayanta Sinha,
president, GAIL Global U.S.A., and
Steven R. Weems, president,
Calvert County Board of County
Commissioners.
"Cove Point will supply
critical American allies in India
and Japan with much-needed natural
gas that will help reduce global greenhouse gas emissions," said
Farrell. "Although the doubters said it could not be done, in late
2017 our liquefier will be online, and ships will begin receiving
LNG for export."
The Dominion Cove Point Liquefaction Project is a $3.4 billion - $3.8 billion project that will
create thousands of skilled construction jobs, 75 permanent jobs
and an additional $40 million in
annual tax revenue to Calvert
County. Construction-related activities started last October
and operations are projected to begin in late 2017.
Dominion has fully subscribed the capacity of the project with
20-year service agreements with ST Cove Point, LLC, a joint venture
of Sumitomo Corporation, a Japanese corporation that is one of the
world's leading trading companies, and Tokyo Gas Co., Ltd., a
Japanese corporation that is the largest natural gas utility in
Japan; and GAIL Global
(USA) LNG LLC, a wholly owned
indirect U.S. subsidiary of GAIL (India) Limited, one of the largest natural gas
processing and distributing companies in India.
LNG transported from Cove Point
can reduce global greenhouse emissions by millions of tons a year
by replacing coal as the fuel for electricity generation. When
completed in late 2017, Cove Point
will produce about 5.25 million metric tons of liquefied natural
gas annually for the two customers. The LNG shipments from
Cove Point are projected to reduce
the U.S. trade imbalance by at least $2.8
billion, and possibly as much as $7.1
billion, annually.
More than $1.2 million has been
spent on the project in Calvert,
St. Mary's and Charles counties in southern Maryland and more than $40 million in Maryland to date. Other economic benefits
include millions of dollars of new revenues for Maryland and the federal government as well as
a reduction in the nation's trade deficit by billions of dollars
annually.
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 24,600
megawatts of generation, 12,400 miles of natural gas transmission,
gathering and storage pipeline, and 6,455 miles of electric
transmission lines. Dominion operates one of the nation's
largest natural gas storage systems with 949 billion cubic feet of
storage capacity and serves utility and retail energy customers in
12 states. For more information about Dominion, visit the company's
website at www.dom.com.
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SOURCE Dominion