January 9, 2013 [OPIS] - Targa Resources Partners said it has bought additional property on the Houston Ship Channel in order to provide expansion opportunities for its clean fuel logistics and its LPG exporting businesses.
Targa spent $25 million to acquire and refurbish the Patriot Marine Terminal. Patriot, which is located about two miles from the Partnership’s Galena Park Marine Terminal, includes an existing dock, acreage for expansion build-out, an existing rail siding and nearby access to the Colonial/Explorer refined products pipeline interconnect hub.
Targa said Patriot’s proximity to its existing petroleum logistics business at Channelview and its LPG exports facilities at Galena Park offers a cost-effective way to expand both services.
The Patriot Terminal can be readily connected to Galena Park and to Targa’s Mount Belvieu complex including the Cedar Bayou Fractionator facilities and is complementary to Targa’s propane/butane export business.
Targa’s Galena Park LPG export facility will see the first phase of its export expansion complete in the third quarter of 2013, bringing its loading capacity to around 2.1 million bbl per month. A second expansion is expected to be in place by the third quarter of 2014, adding another 1.5 million bbl per month.
