US DCP Midstream acquires 10% stake in Texas Express NGL pipeline
12 April 2012 14:40 [Source: ICIS news]
HOUSTON (ICIS)--DCP Midstream Partners has acquired a 10% stake in the Texas Express natural gas liquids (NGL) pipeline, the US-based midstream energy firm said on Thursday.
The 580-mile Texas Express pipeline from Skellytown in ?xml:namespace>Carson County, Texas, to Mont Belvieu near Houston, will supply petrochemical facilities on the US Gulf coast after starting up in 2013.
DCP said it acquired the stake, for about $85m (€65m), from Enterprise Products Partners, another US-based midstream energy firm.
Following the deal, Enterprise and Canadian pipeline firm Enbridge each have a 35% stake in the pipeline. US oil and gas firm Anadarko Petroleum holds 20%, with DCP holding the remaining 10%.
DCP also said it committed 20,000 bbl/day of NGL to the Texas Express project, increasing total long-term shipper commitments on pipeline to 252,000 bbl/day.
In related news on Thursday, DCP said it will partner with Enterprise and Anadarko to design and construct a 435-mile NGL pipeline from the Denver-Julesburg basin in Colorado to Skellytown.By: Stefan Baumgarten+1 713 525 2653
($1 = €0.76)
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