Enterprise Agrees to Acquire Storage Assets
Dec 1, 2001 12:00 PM
Enterprise Products Partners LP's operating partnership has executed a letter of intent to acquire storage facilities from Diamond-Koch LP and Diamond-Koch III LP, which are both jointly owned by affiliates of Ultramar Diamond Shamrock Corp and Koch Industries Inc.
The storage facilities consist of 30 salt dome storage caverns with a total permitted capacity of 77 million barrels. The facilities provide storage services for mixed natural gas liquids, ethane, propane, butanes, natural gasoline, and olefins such as ethylene and polymer-, chemical-, and refinery-grade propylene. The caverns are located in Mont Belvieu TX and serve the largest petrochemical and refinery complex in the United States.
Completion of this transaction is subject to execution of a definitive agreement approved by the board of directors of the respective parties and receipt of regulatory approvals. The parties expect the transaction to be completed by Dec 31, 2001.
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