From the Houston Business Journal
Houston-based Enterprise Products Partners LP (NYSE: EPD) announced Sept. 1 that the M/V JS INEOS Intrepid had set sail with the first ethane export out of the company’s newest terminal at Morgan’s Point. The terminal is the largest of its kind in the world and has been in the works since 2014.
By the end of the year, the facility could be exporting roughly 1.9 million barrels per month. Ethane is largely used in the petrochemical field to create plastics and chemicals.
“The energy renaissance in the state of Texas is further illustrated with the … new facility at the Port of Houston,” Port Commission Chairman Janiece Longoria said in a release.
Cost of the project was not disclosed in 2014, but in Enterprise’s second-quarter 2016 earnings report, the company said it expects $1.4 billion of projects — including the ethane export facility on the Houston Ship Channel — to be completed by the end of this year.
Enterprise is the Houston area’s fifth-largest publicly traded company, based on its 2015 revenue of $27.03 billion, according to Houston Business Journal research.
The Port of Houston contributes to more than 1 million jobs throughout the Lone Star State, according to the port’s website. The port’s activity helped generate more than $178.5 billion in statewide economic impact. It’s the No. 1 port in the U.S. for imports and for export tonnage.
