Sempra to Buy LNG Facility From Dynegy
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Sempra Energy, the biggest U.S. distributor of natural gas, agreed to buy an import terminal planned for Louisiana from Dynegy Inc. for at least $20 million to help meet rising demand for the fuel.
San Diego-based Sempra will spend $700 million to complete the project and begin importing liquefied natural gas in 2007, the company said.
Sempra has been expanding its wholesale-energy and trading businesses as rivals such as Dynegy withdraw because of a slump in trading and insufficient cash.
Sempra shares rose 6 cents to $23.55 and Houston-based Dynegy rose 14 cents to $1.90, both on the New York Stock Exchange.
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