Enterprise, TEPPCO exit Texas Offshore Port System partnership

Enterprise Offshore Port System has elected to exit from the Texas Offshore Port System partnership (TOPS) and forfeit its investment and its one-third ownership interest in the partnership.

Offshore staff

HOUSTON -- Enterprise Offshore Port System has elected to exit from the Texas Offshore Port System partnership (TOPS) and forfeit its investment and its one-third ownership interest in the partnership. TEPPCO O/S Port System has also elected to dissociate from TOPS effective April 16.

In August 2008, affiliates of Enterprise TEPPCO and Oiltanking Holding Americas Inc. formed a joint venture to design, construct, own, and operate a new Texas offshore crude oil port and pipeline system to facilitate delivery of waterborne crude oil to refining centers along the upper Texas Gulf Coast. The TOPS project includes an offshore port, two onshore storage facilities with approximately 5.1 MMbbl of total crude oil storage capacity, and an associated 160-mi (257-km) pipeline system with the capacity to deliver up to 1.8 MMbbl/d of crude oil. The total cost of the project had been estimated at $1.8 billion.

04/22/2009

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