Enterprise to Expand LPG Export Facility at Oiltanking on Houston Ship Channel
January 07 2014 - 7:30AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced a
further expansion of its liquefied petroleum gas (“LPG”) export
terminal at Oiltanking’s complex on the Houston Ship Channel.
Enterprise’s expanded LPG terminal is supported by a 50-year
service agreement with Oiltanking Partners, L.P. (NYSE: OILT) to
provide additional dock space and related services. The expanded
LPG export terminal is expected to be in service by the end of 2015
and is supported by long-term LPG export agreements. Upon
completion of the expanded facilities, Enterprise will have
aggregate capacity to load in excess of 16 million barrels per
month of low-ethane propane and/or butane. This expansion is in
lieu of a second LPG terminal announced in October 2013 and will
result in more capacity than previously anticipated.
“We are pleased to announce the expansion of our LPG export
marine terminal and the associated 50-year agreement with
Oiltanking,” said Michael A. Creel, chief executive officer of
Enterprise’s general partner. “The decision to expand at Oiltanking
was directly attributable to our joint experience of loading LPG
vessels on the Houston Ship Channel and our 33-year relationship
with Oiltanking. Demand for both current and future LPG exports
continues to be strong. The location of the expanded terminal at
Oiltanking enables us to increase maximum loading capacity to
approximately 27,000 barrels per hour, the highest in the industry,
while nominally reducing the overall capital costs associated with
the project.”
“On the ethane front, we continue to negotiate with several
customers that would support the development of an ethane export
terminal. Our site evaluation for this facility continues.
Depending on the outcome of these discussions, estimated ethane
export demand and ship draft requirements, we expect the ethane
export facility will be sited either adjacent to our refined
products export terminal in Beaumont or on the Houston Ship
Channel.”
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. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals (including LPG); 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 expects, believes or anticipates will or may occur in
the future, including anticipated benefits and other aspects of
such activities, events, developments or transactions, are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, 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 the reports filed with the
Securities and Exchange Commission by Enterprise. 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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