Enterprise and Navigator Announce Location of Ethylene Export Terminal; Begin Construction
May 29 2018 - 08:00AM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) and Navigator
Holdings Ltd. (NYSE:NVGS) announced today that construction is now
under way on their 50/50 joint venture ethylene export terminal
which will be located at Enterprise’s Morgan’s Point, Texas
facility on the Houston Ship Channel. The terminal will have the
capacity to export approximately 2.2 billion pounds of ethylene per
year. Refrigerated storage for 66 million pounds of ethylene is
being constructed on-site and will provide the capability to load
ethylene at rates of 2.2 million pounds per hour. Commercial
operations are expected to begin in the fourth quarter of 2019, one
quarter earlier than previously projected.
By providing access to international markets, the new export
terminal will facilitate continued growth of domestic ethylene
production, which is expected to reach 90 billion pounds per year
by 2021. In addition, the terminal being constructed by Enterprise
and Navigator will promote supply diversification for expanding
markets like Asia, which rely on cost-advantaged U.S.
feedstocks.
The high-capacity ethylene salt dome storage facility Enterprise
is developing at its complex in Mont Belvieu, Texas is scheduled to
begin service in the second quarter of 2019. Upon completion, this
storage facility will have a capacity of approximately 600 million
pounds with an injection/withdrawal rate of 420,000 pounds per hour
and will be designed to enable connections to the eight ethylene
pipelines within a half-mile of the Enterprise ethylene storage
system. In addition, Enterprise is building a new ethylene pipeline
from Mont Belvieu to Bayport, Texas, which is on schedule to begin
service in 2020. The section from Mont Belvieu to Morgan’s Point is
scheduled to be in service in 2019 to support 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. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 50,000 miles of pipelines; 260 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 billion cubic feet of natural gas
storage capacity.
Navigator Holdings Ltd. is the owner and operator of the world’s
largest fleet of handysize liquefied gas carriers and a global
leader in the seaborne transportation of petrochemical gases, such
as ethylene and ethane, liquefied petroleum gas (“LPG”) and
ammonia. We play a vital role in the liquefied gas supply chain for
energy companies, industrial consumers and commodity traders, with
our sophisticated vessels providing an efficient and reliable
‘floating pipeline’ between the parties. We continue to build
strong, long-term partnerships based on mutual trust, our deep
technical expertise and modern versatile fleet.
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 and/or Navigator Gas 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 and Navigator Gas’s respective 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, neither
Enterprise nor Navigator Gas intends to update or revise their
respective forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180529005365/en/
Enterprise ProductsInvestor
RelationsRandy Burkhalter, 713-381-6812 or 866-230-0745orMedia
RelationsRick Rainey, 713-381-3635orNavigator
GasOeyvind Lindeman, +44 (0)20 7340 4575Chief Commercial
OfficerorNiall Nolan, +44 (0) 20 7340 4852Chief Financial
Officer
Navigator (NYSE:NVGS)
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