May 24, 2024 [Businesswire]- Enterprise Products Partners L.P. (NYSE:EPD) and Navigator Holdings Ltd. (NYSE: NVGS) today announced that service has begun on a new 30,000-ton refrigerated ethylene storage tank at the ethylene export terminal, which is owned 50/50 by affiliates of the two companies. Navigator Atlas, a 21,000 cubic meter ethylene gas carrier, became the first vessel to utilize the new service when it was loaded at the facility located in Morgan’s Point, Texas on December 23, 2020. The tank will facilitate faster loading, increasing efficiency for the terminal’s customers and enabling the terminal to reach an annual nameplate export capacity of 1 million tons per year.
“Their fully commissioned Morgan’s Point ethylene export facility is the largest and most reliable supply source for waterborne ethylene in the world,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “The terminal is backed by the supply of the entire U.S. Gulf Coast via their growing ethylene midstream services, which include their open access storage and market hub in Mont Belvieu. Their ethylene export, storage, and transportation services highlight their vision to provide midstream services for the petrochemicals industry that allow their customers to focus on their unique competitive advantages in the U.S. and in growing international markets.”
“The commissioning of the Morgan’s Point terminal in the face of a yearlong pandemic is testimony to the high-quality talent and dedicated team assigned to this project. They congratulate all employees and third-party contractors for the superb job in completing the export terminal on time and under budget,” said David Butters, Executive Chairman of Navigator Holdings. “They expect the terminal to operate at capacity, utilizing Enterprise’s vast interconnected ethylene platform, and to create strong demand for Navigator’s fleet of specialized ethylene capable vessels.”
The new ethylene storage tank is supplied by a 600 million pound ethylene storage cavern at Enterprise’s Mont Belvieu, Texas complex. Enterprise also has the capability to further expand its underground caverns to accommodate additional ethylene storage. Ethylene is the primary feedstock for a wide variety of consumer products, including cell phones and computer parts, food packaging, apparel, textiles, and personal protective equipment.
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