This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Enterprise To Expand LPG Export Facility At Oiltanking On Houston Ship Channel

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs