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

Stocks in this article: EPD

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.”

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