Conoco Phillips has signed agreements to participate in Freeport LNG Development's proposed liquefied natural gas importing terminal adjacent to Dow Chemical's Freeport, Texas, chemical complex. Conoco will have a 50% stake in the general partner managing the venture, will operate the unit, and will provide construction funding and management. Michael S. Smith, CEO of the venture, will own the other half. The facility will have 7 billion cu ft of storage capacity. Dow Chemical has claimed 500 million cu ft per day of processing capacity. The project won approval from the Federal Energy Regulatory Commission last month and awaits state and local approvals, expected in the third quarter of this year. Opening is planned for 2007.