www.thenassauguardian.com/national_local/29944613166969 -
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Published on: 8/9/2008
Last Visited: 8/9/2008
Aaron Samson, Managing Director of LNG for AES, said while the company has not decided to cancel the project, it hopes that the government would rule in its favor sometime soon, as it is looking at some other proposals at the same time.
"It's hard to say time's up after seven years, but there are competing proposals out there and it's a little bit of a race.When another one gets built, it's not that the other one won't get built, but it might not get built for five years," says Samson.
"This project represents about five years of Florida growth.People ask, why are you still here after seven years?Everything I do takes three to five years.We've built big power plants and LNG terminals and they all take that time frame.So after seven years you're getting a little tired," said Samson.
He was speaking at a special LNG presentation for engineers at the SuperClub Breezes on Wednesday night.
AES Corp. purchased the aragonite mining plant at the 90-acre man-made Ocean Cay in the Spring of 2001, solely to invest $650 million to construct, own and operate a LNG pipeline.The company wants to build its pipeline between Ocean Cay, Bimini, and Dania Beach, Florida.It also proposes to construct a terminal to receive liquefied natural gas via ocean tankers, store the liquid gas, re-convert it to natural gas through warming and send it to the U.S. via a 94-mile pipeline.
Samson said this destination is advantageous for a number of reasons and added that the elements of the project have improved over the years.
"The fundamentals of the project are actually getting better.Gas prices are much higher, so I'm getting a little fixed fee in the middle here to process BP, Exxon or Shell's LNG for a fee and send it to Florida.My fee has gone from 40 cents five years ago to 60 or 70 cents today, because of steel prices in Florida," he added.
"So the fundamentals have gotten better.