Enterprise Acquires Natural Gas Liquid Storage Facility.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 1, 2001 Enterprise Products Partners L.P. (NYSE NYSE See: New York Stock Exchange :EPD EPD expected progeny difference. ) announced today that its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. has acquired a natural gas liquid ("NGL NGL - A dialect of IGL. ") storage facility from Equistar Chemicals, LP for approximately $3.4 million. The salt dome salt dome Largely subsurface geologic structure that consists of a vertical cylinder of salt embedded in horizontal or inclined strata. In the broadest sense, the term includes both the core of salt and the strata that surround and are “domed” by the core. storage cavern, which is located near Enterprise's complex in Mont Belvieu, Texas Mont Belvieu is a city in Chambers County, Texas, United States. It is just north of Interstate 10 along State Highway 146. The population was 2,324 at the 2000 census. Geography Mont Belvieu is located at (29.860242, -94. , has a capacity of one million barrels. The purchase also includes adjacent acreage which would support the development of an additional storage cavern. "This purchase will increase our storage capacity in Mont Belvieu to approximately twenty-six million barrels. It increases Enterprise's flexibility and enhances our ability to provide storage services to our NGL customers. The well's close proximity to our facilities will enable us to integrate it with our plants and pipeline system at a nominal cost," said O.S. "Dub" Andras, president and chief executive officer of Enterprise. Enterprise Products Partners L.P. is the second largest publicly traded, midstream energy partnership with an enterprise value of approximately $3.0 billion. Enterprise is a leading integrated provider of natural gas pipeline and processing services and natural gas liquid ("NGL") fractionation fractionation /frac·tion·a·tion/ (frak?shun-a´shun) 1. in radiology, division of the total dose of radiation into small doses administered at intervals. 2. , storage, transportation and terminalling services. Its customers are producers and consumers of natural gas and natural gas liquids and other petroleum liquids. The company's assets are geographically focused on the United States' Gulf Coast, which accounts for approximately 55 percent of domestic NGL production and 75 percent of domestic NGL demand. This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. |
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