Enterprise Executes Additional Agreement For Ethane Export Terminal; Evaluating Expansion Options
HOUSTON--(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.
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