Enterprise Products Partners L.P. (NYSE: EPD) and NOVA Chemicals Corporation (\u201cNOVA Chemicals\u201d) has announced that a subsidiary of Enterprise has acquired a wholly owned subsidiary of NOVA Chemicals, which operates an ethylene storage business and trading hub in Mont Belvieu, Texas. \u00a0NOVA Chemicals, one of the largest merchant ethylene producers and marketers on the U.S. Gulf Coast, will be a long-term storage customer in the Enterprise system<\/p>\n
\u201cThe acquisition, which gives Enterprise ownership of the largest ethylene market hub in Texas since it was established in 2001, will complement Enterprise\u2019s own growing ethylene network in the region,\u201d said Chris D\u2019Anna, senior vice president, Petrochemicals of Enterprise\u2019s general partner.\u00a0 \u201cThe combined system offers multiple benefits for producers, consumers and traders, such as increased physical connectivity, greater market liquidity and pricing transparency, as well as improved access to Enterprise\u2019s ethylene midstream services, including our export terminal and growing Gulf Coast pipeline system.\u201d<\/p>\n
\u201cThis transaction provides the best long-term solution for the Mont Belvieu ethylene storage business and trading hub, allowing NOVA to focus on our core business of ethylene and polyethylene production, including the safe and successful completion of our world-class Advanced SCLAIRTECH\u2122 technology facility in Ontario that will deliver recycle ready resins for sustainable packaging solutions,\u201d stated John Thayer, senior vice president sales and marketing for NOVA Chemicals.<\/p>\n
About Enterprise Products Partners L.P. <\/strong>
\nEnterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. \u00a0Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. \u00a0The partnership\u2019s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity.<\/p>\n