TEPPCO PARTNERS, L.P. VENTURE TO PURCHASE MONT BELVIEU STORAGE ASSETS
HOUSTON – TEPPCO Partners, L.P. (NYSE:TPP), operator of Mont Belvieu Storage Partners, L.P., today announced that it has signed a definitive agreement to acquire storage assets in Mont Belvieu, Texas, from ConocoPhillips. Mont Belvieu is a major liquefied petroleum gas (LPG) and natural gas liquid (NGL) storage and fractionation hub for the
The acquisition includes three salt dome storage wells with a total storage capacity of 5.6 million barrels, various pipeline assets and a 200 acre parcel of property for future expansion. The company will also acquire 2.6 million barrels of brine storage capacity, bringing the venture’s total brine storage capacity to approximately 14.1 million barrels.
“This acquisition supports Mont Belvieu Storage Partner’s strategy of increasing the productivity of the Mont Belvieu assets by expanding our product and service base to include the storage and transportation of ethane and the storage of ethylene,” said Thomas R. Harper, senior vice president of Commercial Downstream.
Mont Belvieu Storage Partners, L.P. is a joint venture between TE Products Pipeline Company, Limited Partnership, and Louis Dreyfus Energy Services L.P.
TEPPCO Partners, L.P. is a publicly traded master limited partnership, which conducts business through various subsidiary operating companies. TEPPCO owns and operatesone of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates petrochemical and natural gas liquid pipelines; is engaged in crude oil transportation, storage, gathering and marketing; owns and operates natural gas gathering systems; and owns 50-percent interests in Seaway Crude Pipeline Company, Centennial Pipeline LLC and Mont Belvieu Storage Partners, L.P., and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, an indirect wholly owned subsidiary of Duke Energy Field Services, LLC, is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO’s Web site at www.teppco.com.