By the OGJ Online Staff
HOUSTON, Jan. 28 -- Pacific Texas Pipeline & Transportation Inc., Phoenix, is in final discussions with a banking syndicate to fund its proposed $1.3 billion West Texas-to-Arizona gas pipeline, said Pres. Michael Owens.
The names of the banks involved were not disclosed.
The proposed 800-mile, 36-in. line would carry about 1 bcfd to local distribution systems and electric power plants supplying parts of Arizona and California.
Pacific Texas expects to hold an open season within the next few months, but it already has commitments from three companies for about 65% of the proposed capacity of the line.
The company is working with the US Federal Energy Regulatory Commission and other regulatory authorities. It has already created an environmental impact statement and established right of way, said Owens.
The company expects the project to be completed in 2004.
Pacific Texas Pipeline & Transportation is a unit of privately held Pacific Texas Corp. It currently has no pipeline holdings but is involved in construction and transportation systems.