01.12.2010 00:20:00
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Enterprise Enhances Refined Products Service Capabilities
Enterprise Products Partners L.P. (NYSE:EPD) today announced the addition of approximately 2 million barrels of new underground storage capacity for motor gasoline and distillates at Mont Belvieu, Texas as part of a comprehensive program to enhance the service capabilities across the partnership’s refined products network. With the completion of this storage project and other recently constructed facilities such as the Port Arthur, Texas terminal, Enterprise now offers approximately 10 million barrels of refined products storage capacity in the Gulf Coast area. The partnership has significantly enhanced flexibility for customers who will now have access to major interstate and intrastate refined products pipelines originating in the Houston area and along the Houston Ship Channel, including the Enterprise TE Products, Centennial, Colonial, Explorer and MagTex systems.
In addition to providing incremental storage capacity, Enterprise also made improvements to its network of terminals to improve and expand service options. For instance, ethanol-handling capabilities have been added to the Lebanon, Ohio terminal and the recently reactivated facility in North Little Rock, Arkansas, in addition to their ability to handle low sulfur and ultra-low sulfur diesel, as well as regular unleaded gasoline. The addition of ethanol-blending will promote greater efficiency for customers by providing them with access to a wider array of services at a these locations.
Logistical and operational improvements to Enterprise’s Lebanon terminal have included four new truck bays, which are expected to ease congestion and nearly double truck loading capacity. The addition of ethanol blending capabilities at this facility will allow Enterprise to facilitate a variety of gasoline blends.
A.J. "Jim” Teague, Enterprise executive vice president and chief operating officer noted, "The enhancements at our terminals are consistent with Enterprise’s plan to expand and improve the services we provide to our refined products customers. Since acquiring the TEPPCO system, Enterprise has embarked on a program to upgrade the system’s flexibility by expanding connectivity to supplies and markets, increasing storage capacity and adding new services. We believe this integrated approach and a wider reach creates attractive marketing opportunities to package services around our assets, adding value for Enterprise and our customers.”
In addition to the North Little Rock and Lebanon projects, Enterprise continues to evaluate other opportunities to enhance the capabilities of its refined products system by leveraging the potential of its other terminals strategically located in North Houston, Shreveport, Louisiana, Cape Girardeau, Missouri, and Princeton, Indiana. The partnership’s Boligee, Alabama and Aberdeen, Mississippi terminals, which provide river access, offer customers yet another dimension of flexibility and additional marketing opportunities.
The refined products storage cavern that was added at the Mont Belvieu storage complex resulted from the conversion of an existing cavern that had been in natural gas liquid service. This storage facility is owned 66 percent by Duncan Energy Partners L.P. and 34 percent by Enterprise Products Partners L.P.
Enterprise Products Partners L.P. is the largest publicly traded energy partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership’s assets include: 49,100 miles of onshore and offshore pipelines; approximately 200 million barrels of storage capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage capacity. Services include: natural gas transportation, gathering, processing and storage; NGL fractionation, transportation, storage, and import and export terminaling; crude oil and refined products; offshore production platform services; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. Additional information is available at www.epplp.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 or 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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