News

Oiltanking Freeport, L.P. and OTF GP, LLC

22.04.2009 - Houston, Texas:

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.

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.

For more information about Oiltanking or Marquard & Bahls AG, please visit www.oiltanking.com and www.mbholding.com. On www.texasoffshoreport.com you will receive detailed informations about TOPS.

For media enquiries, please contact:
Mr Carlin Conner
President Oiltanking North America
Phone +1-281-457-7900