Kinder Morgan is seeking the U.S. government's approval to export liquefied natural gas from its Pascagoula facility in Mississippi to countries that don't have free trade deals with the U.S. Such clearance could attract up to $8 billion in investments in the project, Norman Holmes, vice president of marketing at Kinder Morgan, said at a meeting of regional energy officials. "Export facilities like this are really going to unlock the true value of these new sources of energy," said Doug Domenech, Virginia secretary of natural resources.
Chevron will spend $1.4 billion to expand its refinery in Pascagoula, Miss., and it's estimated 1,000 workers will be hired during the two-year construction period. KBR, a Chevron contractor, will build the $65 million base oil plant and will retrofit some current facilities so they can produce the oil as well. The expansion is expected to be complete by the end of 2013.
Tom Kovar, general manager of Chevron's Pascagoula Refinery, has vowed to improve the facility's operations as it nears its 50th anniversary in 2013. He said the company will particularly concentrate on diversifying the plant's product lines and enhancing efficiency. "We're going to get this refinery back to top-tier performance, and we're going to get it all done by 2013 ... to coincide with our anniversary," Kovar added.
Chevron has decided to postpone a pilot project to test heavy-oil conversion technology in Pascagoula, Miss., until at least next year. Spokesman Lloyd Avram said lower oil prices and the economy prompted the delay.