Energy Transfer Announces a New Gulf Coast Ethane Export Facility (“Orbit”)
March 15 2018 - 7:20AM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) and Satellite
Petrochemical USA Corp. (“Satellite”) have entered into definitive
agreements to form a joint venture, Orbit Gulf Coast NGL Exports,
LLC (“Orbit”), with the purpose of constructing a new export
terminal on the U.S. Gulf Coast to provide ethane to Satellite for
consumption at their ethane cracking facilities in China. Orbit
will also construct a 20-inch ethane pipeline originating at ETP’s
Mont Belvieu Fractionators that will make deliveries to Orbit’s
ethane export terminal on the U.S. Gulf Coast as well as domestic
markets in the region. At the terminal, Orbit will construct an
800,000 barrel refrigerated ethane storage tank and a 175,000
barrel per day ethane refrigeration facility. ETP will be the
operator of the Orbit assets. Additionally, ETP will construct and
wholly own the infrastructure that is required to both supply
ethane to the pipeline and to load the ethane on to Very Large
Ethane Carriers (VLECs) destined for Satellite’s newly constructed
ethane crackers in China’s Jiangsu Province. Subject to Chinese
Governmental approval, it is anticipated that the Orbit export
terminal will be ready for commercial service in the 4th Quarter of
2020.
As part of these agreements, ETP and Satellite also executed
agreements for the sale of ethane at the terminal. ETP will provide
Satellite with approximately 150,000 barrels per day of ethane
under a long-term, demand-based agreement. ETP will also provide
storage and marketing services for Satellite.
ETP (via Sunoco Logistics) was the first company in North
America to export ethane by utilizing its Mariner West system which
exports ethane to Canada. Subsequently, in March 2016 ETP became
the first company in North America to export ethane via waterborne
vessel out of ETP’s Marcus Hook terminal, which also serves
domestic markets.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production
basins, ETP owns and operates a geographically diverse portfolio of
complementary natural gas midstream, intrastate and interstate
transportation and storage assets; crude oil, natural gas liquids
(NGL) and refined product transportation and terminalling assets;
NGL fractionation; and various acquisition and marketing assets.
ETP’s general partner is owned by Energy Transfer Equity, L.P.
(NYSE: ETE). For more information, visit the Energy Transfer
Partners, L.P. website at energytransfer.com.
Energy Transfer Equity, L.P. (NYSE:ETE) is a master
limited partnership that owns the general partner and 100% of the
incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns Lake
Charles LNG Company. On a consolidated basis, ETE's family of
companies owns and operates a diverse portfolio of natural gas,
natural gas liquids, crude oil and refined products assets, as well
as retail and wholesale motor fuel operations and LNG terminalling.
For more information, visit the Energy Transfer Equity, L.P.
website at energytransfer.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. These risks and uncertainties include the
risks that the proposed transaction may not be consummated or the
benefits contemplated therefrom may not be realized. An extensive
list of other factors that can affect ETP’s future results are
discussed in its Annual Reports on Form 10-K and other documents
filed from time to time with the Securities and Exchange
Commission. Except as required by law, ETP undertakes no obligation
to update or revise any forward-looking statement to reflect new
information or events.
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version on businesswire.com: http://www.businesswire.com/news/home/20180315005559/en/
Energy Transfer Partners, L.P.Investor Relations:Lyndsay Hannah,
Brent Ratliff, Helen Ryoo, 214-981-0795orMedia Relations:Vicki
Granado, Alexis Daniel, 214-840-5820
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