In August 2008, affiliates of Enterprise, TEPPCO, and Oiltanking Holding Americas collaborated to design, construct, own, and operate a new Texas offshore crude oil port and pipeline system for delivering waterborne crude to refining centers along the upper Texas Gulf Coast.
TOPS was to include an offshore port, two onshore storage facilities with about 5.1 million bbl of crude storage capacity, and an associated 160-mile, 1.8 million b/d pipeline.
Total cost of the project was estimated at $1.8 billion (€1.37 billion).
Enterprise and TEPPCO each relinquishes its one-third interest, forfeits its initial investment, and has taken a one-time non-cash charge of $34 million against second-quarter 2009 earnings.