Oiltanking Freeport, L.P. and OTF GP, LLC believe the dissociations of TEPPCO
O/S PORT SYSTEM, LLC and ENTERPRISE OFFSHORE PORT SYSTEM, LLC were
wrongful and in breach of the TOPS partnership agreement.
The environmental, security and economic benefits of the TOPS project have not
changed and remain viable. By reducing the dependence on lightering, the Gulf
Coast refining complex will reduce the supply chain cost of long-haul crudes and
provide other benefits to the region.
Oiltanking GmbH, the ulitimate parent of TOPS partners Oiltanking Freeport, L.P.
and OTF GP, LLC, is a subsidiary of Marquard & Bahls AG, Germany, a leading
privately owned petroleum company. Oiltanking is the second-largest
independent tank storage provider for petroleum products, chemicals and gases
world-wide. The company owns and operates 65 terminals in 21 countries within
Europe, North and South America, Middle East, India as well as Asia. Oiltanking
has an overall capacity of more than 14.6 million cbm.
OILTANKING FREEPORT, L.P. AND OTF GP, LLC
04.23.2009 - NEWS
Houston, Texas, April 22, 2009. Oiltanking Freeport, L.P. and OTF GP, LLC are
disappointed that their two Texas Offshore Port System (TOPS) partners,
ENTERPRISE OFFSHORE PORT SYSTEM, LLC and TEPPCO O/S PORT SYSTEM,
LLC, have decided to exit the TOPS offshore crude oil port and pipeline system
project. As the remaining partners of TOPS, Oiltanking Freeport, L.P. and OTF
GP, LLC are determined to continue to work with TOPS customers as well as
other potential industrial and financial partners in order to establish the best path
forward for the project.
