HOUSTON, Jan. 7, 2014 /PRNewswire/ -- Oiltanking Partners, L.P. (NYSE: OILT) (the "Partnership") today announced an expanded terminal agreement with Enterprise Products Partners, L.P. ("Enterprise") to further increase exports of liquefied petroleum gas ("LPG") at the Partnership's terminal on the Houston Ship Channel. With an expected completion date of year-end 2015, the expanded LPG export terminal will have total loading capacity in excess of 16 million barrels per month of low-ethane propane and/or butane.
"With a history dating back more than 30 years, we are excited about the next chapter of our relationship with Enterprise. Together, we have repeatedly committed resources and added infrastructure to create America's preeminent LPG export facility," said Anne-Marie Ainsworth, President and Chief Executive Officer of the Partnership's general partner.
Under the expanded agreement with Enterprise, the Partnership will provide additional dock capacity to load LPG vessels and land for Enterprise to expand its export facility. The expanded agreement amends the agreement previously announced in March 2013, and has a 50-year term beginning on February 1, 2014. The Partnership will continue to earn volume-based throughput fees and will participate in margin sharing on all customer vessels loaded at our Houston facility under the expanded agreement.
"Completion of the Partnership's previously announced dock expansion projects will allow us to continue meeting the needs of our existing customers while also providing additional dock capacity to Enterprise under the expanded agreement," added Ainsworth. "The Partnership and Enterprise have also agreed to expand the exclusivity provision in the existing agreement to include the Gulf Coast. The new agreement, together with Enterprise's announced infrastructure expansion, cements this facility's position as the leading US LPG hub."Oiltanking Partners, L.P. is a growth-oriented master limited partnership engaged in independent storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. We are the logistics provider of choice to major integrated oil companies, distributors, marketers and chemical and petrochemical companies. Our core assets are strategically located along the Gulf Coast of the United States on the Houston Ship Channel and in Beaumont, Texas. For more information, visit www.oiltankingpartners.com. Forward-Looking StatementsThis press release contains forward-looking statements. These forward-looking statements reflect Oiltanking Partners' current views with respect to future events, based on what it believes are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties as described in Oiltanking Partners' filings with the Securities and Exchange Commission, available at the SEC's website at www.sec.gov. By issuing forward looking statements based on current expectations, opinions, views or beliefs, Oiltanking Partners has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.