Enterprise Products Partners L.P. (NYSE:EPD) and Navigator Holdings Ltd. (NYSE: NVGS) report that the 21,000-cubic-meter ethylene carrier Navigator Atlas, recently became the first vessel to utilize a new 30,000-ton refrigerated ethylene storage tank at the Morgan’s Point, Texas, ethylene export terminal on the Houston Ship Channel owned 50/50 by affiliates of the two companies.
“Our 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-CEO of Enterprise’s general partner. “The terminal is backed by the supply of the entire U.S. Gulf Coast via our growing ethylene midstream services, which include our open access storage and market hub in Mont Belvieu. Our ethylene export, storage, and transportation services highlight our vision to provide midstream services for the petrochemicals industry that allow our 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,” said David Butters, Executive Chairman of Navigator Holdings. “We congratulate all employees and third-party contractors for the superb job in completing the export terminal on time and under budget “We 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 massive ethylene storage cavern at Enterprise’s Mont Belvieu complex. Enterprise also has the capability to further expand its underground caverns to accommodate additional ethylene storage.