HOUSTON and LONDON, May 29,
2018 /PRNewswire/ --
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.
Contacts:
Enterprise Products
Randy Burkhalter, Investor Relations, (713)381-6812 or
(866)230-0745
Rick Rainey, Media Relations (713)381-3635
Navigator Gas
Oeyvind Lindeman, Chief
Commercial Officer, +44(0)20-7340- 4575
Niall Nolan, Chief Financial Officer +44(0)20-7340-4852
SOURCE Navigator Gas