Enterprise Completes Acquisition of Interest in Mont Belvieu NGL Fractionator.HOUSTON--(BUSINESS WIRE)--Oct. 5, 1999-- Enterprise Products Partners L.P. (NYSE NYSE See: New York Stock Exchange :EPD) announced today that it has completed the previously announced acquisition of Kinder Morgan Energy Partners Kinder Morgan Energy Partners LP NYSE: KMP (KMEP) owns or operates petroleum product, natural gas, and carbon dioxide pipelines, related storage facilities, terminals, power plants and retail natural gas in the United States and Canada. KMEP is a Master Limited Partnership. L.P.'s 25% indirect ownership interest in a 210,000 barrel per day natural gas liquids (NGL) fractionating facility located 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. , for $41 million in cash and the assumption of approximately $4 million of debt. The completion of this transaction increases Enterprise's ownership interest in the Mont Belvieu 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. facility from 37.5% to 62.5%. This fractionator is located in Enterprise's Mont Belvieu processing complex which also includes butane isomerization isomerization /isom·er·iza·tion/ (i-som?er-i-za´shun) the process whereby any isomer is converted into another isomer, usually requiring special conditions of temperature, pressure, or catalysts. , polymer grade propylene fractionation, gasoline additive production and underground storage facilities. This complex is connected to global NGL markets through its import/export facilities located on the Houston Ship Channel The Houston Ship Channel in Houston, Texas is part of the Port of Houston—one of the United States's busiest sea ports. The channel is a conduit between the continental interior and the Gulf of Mexico for both petrochemical products and Midwestern grain. . Enterprise serves as the operator of the facility. "We are pleased to complete this transaction which increases our ownership position in the fee-based NGL fractionation business. During 1999, we have more than doubled our ownership interests in NGL fractionation facilities from 85,000 barrels per day to approximately 288,000 barrels per day," said O.S. "Dub" Andras, president and CEO of Enterprise. Enterprise Products Partners L.P., with an enterprise value of over $1.9 billion, is one of the leading midstream energy service companies in North America providing processing, transportation and storage services to producers of NGLs and consumers of NGL products. Enterprise has ownership interests in and operates some of the largest natural gas processing and NGL fractionation facilities in the United States, the largest isobutane complex in the United States, two propylene fractionation facilities, an MTBE MTBE Methyl-tert-butyl-ether Surgery An aliphatic ether that rapidly dissolves cholesterol stones in vivo, introduced under local anesthesia via a percutaneous transhepatic cholecystectomy catheter, as a non-invasive method for treating gallstones; after injection, production facility, an import/export terminal, approximately 43.7 million barrels of net storage capacity and a 2,400-mile network of pipelines all located along the Gulf Coast. The Gulf Coast accounts for approximately 55% of U.S. NGL production and 75% of U.S. demand for NGLs. |
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