Enterprise Executes Additional Agreement for Ethane Export Terminal; Evaluating Expansion Options
July 31 2014 - 08:30AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) announced today
that it has executed an additional long-term contract to provide
ethane storage, transportation, refrigeration and loading services
from its new ethane export terminal that is currently under
construction on the Houston Ship Channel. With this new agreement,
Enterprise now has long-term commitments for approximately 85
percent of the capacity of the ethane terminal.
“This key addition to our customer base brings a significant
increase in long-term capacity commitments, further supporting
development of the world’s largest ethane export terminal,” said
A.J. “Jim” Teague, chief operating officer of Enterprise’s general
partner. “As a result of this agreement, we have commenced
evaluation of expansion options at the new ethane terminal. The
seamless integration of the new terminal with our existing natural
gas liquids complex at Mont Belvieu and beyond will help ensure
market access for the growing surplus of domestic ethane and
facilitate continued development of the nation’s abundant energy
reserves.”
Scheduled for completion in the third quarter of 2016,
Enterprise’s new ethane export terminal, to be located at its
Morgan’s Point facility on the Houston Ship Channel, will have the
capability to load fully refrigerated ethane at approximately
10,000 standard barrels per hour. An 18-mile, 24-inch diameter
ethane pipeline will be constructed from Mont Belvieu to supply the
export terminal.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals.
Enterprise’s services include: natural gas gathering, treating,
processing, transportation and storage; NGL transportation,
fractionation, storage and import and export terminals; crude oil
and refined products transportation, storage and terminals;
offshore production platforms; petrochemical transportation and
services; and a marine transportation business that operates
primarily on the United States inland and Intracoastal Waterway
systems and in the Gulf of Mexico. The partnership’s assets include
approximately 51,000 miles of onshore and offshore pipelines; 200
million barrels of storage capacity for NGLs, crude oil, refined
products and petrochemicals; and 14 billion cubic feet of natural
gas storage capacity. Additional information regarding Enterprise
can be found on its website, www.enterpriseproducts.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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