News Details

Cheniere Energy Selects Mitsubishi Heavy Industries and Matrix..

2004/06/23 18:02:29

Service Company for Sabine & Corpus LNG Tank Construction  HOUSTON, Jun 23, 2004 (BUSINESS WIRE) -- Cheniere Energy Inc. (AMEX:LNG) has selected Mitsubishi Heavy Industries (Tokyo Stock Exchange:7011) (MHI) and Matrix Service Company (Nasdaq:MTRX) (Matrix) as the liquefied natural gas (LNG) tank subcontractor for both its Sabine Pass & Corpus Christi LNG receiving terminals. The work will entail engineering and construction of three 160,000 cubic meter single containment storage tanks at each site. Final negotiations with MHI/Matrix are expected to be complete in the next few weeks.  In a joint statement from MHI/Matrix, Mr. Shigeharu Matsuura, Managing Director of MHI, and Brad Vetal, President & CEO of Matrix, said, "We are very excited to be working with Cheniere on their LNG receiving terminal projects in Sabine Pass, La., and in Corpus Christi, Texas. We have been impressed with Cheniere's professionalism and ability to expedite the development of three LNG terminal projects in the Gulf Coast. Our team is very confident and will dedicate the resources required to make the projects in Sabine Pass and Corpus Christi a success for Cheniere Energy."  Construction of the LNG receiving terminals is expected to start during the first quarter of 2005, subject to receipt of construction permits by the end of 2004. Cheniere filed applications with the Federal Energy Regulatory Commission on Dec. 22, 2003, for permits to site, construct and operate LNG receiving terminals near Sabine Pass, La., and Corpus Christi, Texas. Each facility is designed to have an initial natural gas processing capacity of 2.6 billion cubic feet per day (Bcf/d).  Charif Souki, Chairman, President & CEO of Cheniere, said, "FERC recently granted the permit for the first project we started in Freeport, Texas. With all of Freeport's 1.5 Bcf/d of capacity spoken for, it is urgent for the local and national economies that we move rapidly on our current projects in Sabine Pass and Corpus Christi to deliver an additional 5.2 Bcf/d of import capacity. Cheniere welcomes Mitsubishi and Matrix to the group of companies we have assembled to make this happen. We have established a solid relationship with them and feel they are a strong addition to the team."  Mitsubishi Heavy Industries, Ltd.  Mitsubishi Heavy Industries, Ltd., headquartered in Tokyo, Japan, is one of the world's leading global heavy machinery manufacturers, with consolidated sales of 2,373 billion yen in fiscal 2003 (year ended March 31, 2004). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, steel plants, environmental equipment, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. Additional information on MHI may be found on its Web site at www.mhi.co.jp. Press inquiries for Mitsubishi Heavy Industries should be directed to: Daiya Public Relations, Mr. Hideo Ikuno: Tel: +813-6716-5277, Fax: +813-6716-5929 or by writing to: h.ikuno@daiya-pr.co.jp  Matrix Service Company  Matrix Service Company provides general industrial construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries. The Company is headquartered in Tulsa, Okla., with regional operating facilities located in Oklahoma, Texas, California, Michigan, Pennsylvania, Illinois, Utah, South Carolina, Washington and Delaware in the U.S. and Canada. Additional information on Matrix may be found on its Web site at www.matrixservice.com or by contacting Les Austin-Vice President Finance & Chief Financial Officer, Matrix Service Company at 918-838-8822 or via e-mail to: laustin@matrixservice.com  Cheniere Energy Inc.  Cheniere Energy Inc. is a Houston-based developer of LNG receiving terminals and a Gulf of Mexico E&P company. Cheniere is developing Gulf Coast LNG receiving terminals in Sabine Pass, La., and Corpus Christi, Texas. Cheniere is also a 30% limited partner in Freeport LNG Development, L.P., which is developing an LNG receiving terminal in Freeport, Texas. Cheniere conducts exploration for oil and gas in the Gulf of Mexico using a regional database of 7,000 square miles of PSTM 3D seismic data. Cheniere also owns 9% of Gryphon Exploration Company, along with Warburg, Pincus Equity Partners, L.P. which owns 91%. Additional information about Cheniere Energy Inc. may be found on its Web site at www.Cheniere.com, by contacting the company's investor and media relations department toll-free at 888-948-2036 or by writing to: Info@Cheniere.com.  Artist's renditions of Cheniere Energy Corpus Christi LNG receiving terminal, Sabine Pass LNG receiving terminal and Freeport LNG L.P. LNG receiving terminal are available as JPEG on-line at www.Cheniere.com  This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG receiving terminal business. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements attributable to Cheniere or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.  SOURCE: Cheniere Energy Inc.  CONTACT: Cheniere Energy Inc., Houston  David Castaneda, 713-265-0202  US Toll-Free: 888-948-2036  Info@Cheniere.com  or  Mitsubishi Heavy Industries  Daiya Public Relations  Hideo Ikuno, +813-6716-5277  Fax: +813-6716-5929  h.ikuno@daiya-pr.co.jp  or  Matrix Service Company  Les Austin, 918-838-8822  laustin@matrixservice.com  Customize your Business Wire news & multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at www.BusinessWire.com.  Copyright (C) 2004 Business Wire. All rights reserved.  -0-  KEYWORD: TEXAS LOUISIANA JAPAN INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: BUILDING/CONSTRUCTION  REAL  ESTATE  MANUFACTURING  ENERGY  OIL/GAS  MARKETING  AGREEMENTS  23-Jun-2004 18:02