Enterprise Products Partners L.P. EPD today announced the partnership
is developing two refined products export facilities to meet the growing
demand for additional refined products export capability on the United States
Gulf Coast. By utilizing Enterprise's existing Southern Complex of refined
products pipeline, storage and terminal facilities in southeast Texas,
Enterprise will provide customers with significantly improved access to its
marine facilities at its ports in Beaumont, Texas and on the Houston Ship
Channel. Export service at the Beaumont marine terminal will initially handle
Panamax size vessels and is expected to begin service in the first quarter of
2014, followed in mid-2014 by its expanded marine terminal on the Houston Ship
Channel that will be initially sized to handle up to Aframax class vessels.
Enterprise's Southern Complex has traditionally served as a feeder system for
the Enterprise TE Products Pipeline system, which delivers refined products to
the Midwest. Over the past year, Enterprise has repurposed its Southern
Complex in order to increase supply and market access, system flexibility and
capacity. Storage capacity at the partnership's Southern Complex facilities
has more than doubled to approximately 12 million barrels; key pipeline
segments serving major refining centers have been made bi-directional; and new
interconnects provide access to major, third party interstate pipeline
systems. The Southern Complex is directly connected for refined product
receipts from the Colonial Pipeline and 10 refineries in southeast Texas,
representing 3.3 million barrels per day of refining capacity. In addition,
the Southern Complex offers access to three interstate pipelines and one
intrastate pipeline. Enterprise's Southern Complex provides its customers with
enhanced flow assurance and market choices.
“We are excited to announce our vertical integration into refined products
export services,” said Michael A. Creel, chief executive officer of
Enterprise's general partner. “This expansion is driven by the tremendous
growth of U.S. crude oil production from the development of the shale plays
coupled with an increase in Gulf Coast refining production and strong
international demand for U.S. refined products. In five short years, the
United States has transitioned from importing approximately 1 million barrels
per day (“MMBbls/d”) of refined products in 2007 to exporting more than 1
MMBbls/d in 2012, with most of these exports supplied by refineries on the
Gulf Coast. I would like to congratulate our commercial, engineering and
operations team for the development of this capital efficient plan to
repurpose and expand existing facilities including the reactivation of our
marine facility in Beaumont.”
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 50,000 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 about Enterprise is available online at
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.
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