ConocoPhillips, Occidental Energy Ventures Corp. and TransMontaigne Product Services signed an agreement to jointly develop a liquefied petroleum gas terminal along the Houston Ship Channel, the companies said in a Sept. 1 news release.
The terminal is slated to become operational in 2014, and would offer capacity to import and export propane and butane to third parties and the project partners. The LPG terminal would handle refrigerated very large gas carriers with load rates between 15,000 and 20,000 barrels per hour. It would be located on a site currently owned by TransMontaigne and would connect to Mont Belvieu, Texas—the primary storage location and storage hub for natural gas liquids along the Gulf Coast—via a pipeline owned by Occidental.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company has 29,900 employees, $160 billion of assets and $244 billion of annual revenues.
Occidental Energy Ventures, a wholly owned subsidiary of Occidental Petroleum Corp., is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America. Oxy is the fourth-largest U.S. oil and gas company.
TransMontaigne Product Services Inc., a wholly-owned subsidiary of TransMontaigne Inc., owns terminal and pipeline operations, marketing and distribution of petroleum products and renewable fuels marketing and distribution. It is an indirect wholly-owned subsidiary of Morgan Stanley.