Enterprise Announces Gulf Coast Ethane Pipeline
Enterprise Announces Gulf Coast Ethane Pipeline
HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYS: EPD) announced today that it has received transportation commitments to support development of a new 270-mile pipeline header system that will deliver ethane to petrochemical plants in the U.S. Gulf Coast region. As designed, the Enterprise Aegis Pipeline ("Aegis") will originate at Enterprise's Mont Belvieu, Texas liquids storage complex and have the capacity to transport purity ethane to multiple petrochemical facilities in Texas and Louisiana. The final design, including capacity and delivery points, will be determined once any further binding commitments are received at the conclusion of the project's open commitment period.
"The willingness of shippers to make long-term commitments provides us with the assurance necessary to build the midstream infrastructure that will facilitate additional consumption of domestically produced ethane," said A. J. "Jim" Teague, chief operating officer of Enterprise's general partner. "Enterprise's Mont Belvieu storage facilities, which have extensive receipt and delivery capacities for natural gas liquids ("NGL"), will support the Aegis pipeline with sufficient and reliable supplies of ethane. Aegis will provide the distribution network necessary for producers from basins across the country to access growing petrochemical demand. Demand for price-advantaged ethane feedstock within the Gulf Coast petrochemical market is over 1 million BPD and continues to increase."
To determine additional shipper interest in the project, Enterprise is conducting an open commitment period that begins today at 9 a.m. CDT and will close Tuesday, April 9, 2013 at 5 p.m. CDT. For commercial inquiries or additional information related to the open commitment period, please contact Russ Kovin at (713) 381-7925 or firstname.lastname@example.org.
Aegis will also serve as an economic driver for the communities in which it will be located. This project is expected to directly create approximately 1,500 jobs during construction, which will increase the need for local goods and services and generate incremental state and local tax revenue. This is in addition to the jobs generated by the new and expanded ethylene plants in the United States Gulf Coast. Aegis is expected to begin commercial operations in 2014.
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; 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.
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.
Enterprise Products Partners L.P.
Randy Burkhalter, 713-381-6812 or 866-230-0745
Rick Rainey, 713-381-3635
KEYWORDS: United States North America Texas
The article Enterprise Announces Gulf Coast Ethane Pipeline originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.