NEW: Companies Announce LNG Site for Alaska Project 10/7/13
JUNEAU, Alaska - The companies seeking to advance a multibillion dollar natural gas pipeline project in Alaska have selected a port town where gas would be liquefied and shipped to Asia.
Exxon Mobil, BP, ConocoPhillips and TransCanada on Monday say the Kenai Peninsula town of Nikiski is the leading contender for the terminal.
The announcement was seen as a significant step in the decades-old dream of building a natural gas pipeline to rival that of the trans-Alaska oil pipeline. But the companies haven't yet committed to building the pipeline, which could cost $65 billion or more.
The pipeline at one time was meant to provide Alaska's natural gas to the Lower 48. But with a glut of natural gas in the U.S., Alaska's governor urged the companies to get behind a project capable of exporting to Asia