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BRIEF-Kinder Morgan sells 49 pct interest in Elba Liquefaction Co
March 3, 2017 / 7:28 PM / 7 months ago

BRIEF-Kinder Morgan sells 49 pct interest in Elba Liquefaction Co

March 3 (Reuters) - Kinder Morgan Inc :

* Kinder Morgan sells 49% interest in Elba Liquefaction company to EIG Global Energy Partners investment funds

* Says LNG export project at Elba Island expected to begin initial operation in mid-2018

* EIG has made an upfront cash payment of approximately $385 million

* LNG export project at Elba Island expected to begin initial operation in mid-2018

* EIG has agreed to fund its share of future capital expenditures necessary to complete construction and commissioning of liquefaction facility

* Says upfront cash payment consists of $215 million reimbursement to KMI for EIG’s 49 percent share of prior ELC capital expenditures

* Total project cost is estimated to be approximately $1.3 billion, excluding capitalized interest.

* Initial liquefaction units are currently expected to be placed in service in mid-2018, with final units coming on line by early 2019

* Project is expected to have a total capacity of approximately 2.5 million tonnes per year of LNG for export

* Cash payment consists of about $170 million in excess of capital expenditures for value created by KMI in developing project Source text for Eikon: Further company coverage:

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