HOUSTON, Jun 07, 2010 (BUSINESS WIRE) --
Enterprise Products Partners L.P.
(NYSE:EPD)
today announced that the
partnership's refined products storage facility in Port Arthur, Texas,
which was built to support the expansion of a nearby refinery, has
commenced commercial operations and received its first deliveries. The
new tank farm serves as the sole distribution point for output from the
refinery as part of a 15-year throughput and volume dedication agreement.
Enterprise's storage facility, which represents an investment of
approximately $330 million, features 20 storage tanks with 5.4 million
barrels of capacity for gasoline, diesel and jet fuel. In addition, five
pipelines, each five and one-half miles in length, transport the various
products from the refinery to the storage site. Distribution
interconnects provide access to major refined products pipelines,
including the Enterprise TE Products Pipeline, which was acquired as
part of the TEPPCO purchase in October 2009, as well as the Colonial,
Explorer and Sunoco systems.
"We are very pleased to be able to provide the midstream infrastructure
and services that will facilitate the expansion of one of the country's
largest refineries," said Michael A. Creel, president and chief
executive officer of Enterprise. "The new tank farm also helps provide
supply assurance for Enterprise's refined products pipeline network
serving the Gulf Coast, Midwest and northeast U.S. markets, while
complementing one of our core strategies to diversify the partnership's
cash flow."
An important new addition to the region's energy infrastructure, the
storage facility has also brought a much-needed economic boost to the
area. During the construction phase, approximately 200 jobs were
created, with more than $25 million spent on goods and services, which
benefited local businesses. The tank farm has an annual payroll of
approximately $1.5 million and generates approximately $5 million in
revenues each year for the city of Port Arthur.
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. Enterprise's assets include: 49,100
miles of onshore and offshore pipelines; approximately 190 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 storage, transportation and
terminaling; offshore production platform; 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 about Enterprise is
available online at www.epplp.com.
Enterprise Products Partners L.P. is managed by its general partner,
Enterprise Products GP LLC, which is wholly owned by Enterprise GP
Holdings L.P.
(NYSE:EPE)
. For more information on Enterprise GP Holdings
L.P. visit www.enterprisegp.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, 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.
SOURCE: Enterprise Products Partners L.P.
Enterprise Products Partners L.P.
Investor Relations
Randy Burkhalter, 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey, 713-381-3635
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