DALLAS--(BUSINESS WIRE)--Mar. 15, 2018--
Energy Transfer Partners, L.P. (NYSE: ETP) and Satellite Petrochemical
USA Corp. (“Satellite”) have entered into definitive agreements to form
a joint venture, Orbit Gulf Coast NGL Exports, LLC (“Orbit”), with the
purpose of constructing a new export terminal on the U.S. Gulf Coast to
provide ethane to Satellite for consumption at their ethane cracking
facilities in China. Orbit will also construct a 20-inch ethane pipeline
originating at ETP’s Mont Belvieu Fractionators that will make
deliveries to Orbit’s ethane export terminal on the U.S. Gulf Coast as
well as domestic markets in the region. At the terminal, Orbit will
construct an 800,000 barrel refrigerated ethane storage tank and a
175,000 barrel per day ethane refrigeration facility. ETP will be the
operator of the Orbit assets. Additionally, ETP will construct and
wholly own the infrastructure that is required to both supply ethane to
the pipeline and to load the ethane on to Very Large Ethane Carriers
(VLECs) destined for Satellite’s newly constructed ethane crackers in
China’s Jiangsu Province. Subject to Chinese Governmental approval, it
is anticipated that the Orbit export terminal will be ready for
commercial service in the 4th Quarter of 2020.
As part of these agreements, ETP and Satellite also executed agreements
for the sale of ethane at the terminal. ETP will provide Satellite with
approximately 150,000 barrels per day of ethane under a long-term,
demand-based agreement. ETP will also provide storage and marketing
services for Satellite.
ETP (via Sunoco Logistics) was the first company in North America to
export ethane by utilizing its Mariner West system which exports ethane
to Canada. Subsequently, in March 2016 ETP became the first company in
North America to export ethane via waterborne vessel out of ETP’s Marcus
Hook terminal, which also serves domestic markets.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
acquisition and marketing assets. ETP’s general partner is owned by
Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit
the Energy Transfer Partners, L.P. website at energytransfer.com.
Energy Transfer Equity, L.P. (NYSE:ETE) is a master limited
partnership that owns the general partner and 100% of the incentive
distribution rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP)
and Sunoco LP (NYSE: SUN). ETE also owns Lake Charles LNG Company. On a
consolidated basis, ETE's family of companies owns and operates a
diverse portfolio of natural gas, natural gas liquids, crude oil and
refined products assets, as well as retail and wholesale motor fuel
operations and LNG terminalling. For more information, visit the Energy
Transfer Equity, L.P. website at energytransfer.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other factors
that are difficult to predict and many of which are beyond management’s
control. These risks and uncertainties include the risks that the
proposed transaction may not be consummated or the benefits contemplated
therefrom may not be realized. An extensive list of other factors that
can affect ETP’s future results are discussed in its Annual Reports on
Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. Except as required by law, ETP
undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180315005559/en/
Source: Energy Transfer Partners, L.P.
Energy Transfer Partners, L.P.
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