News
Tops
22.04.2009 - Houston, Texas:
Two of the founding partners of Texas Offshore Port System (TOPS), ENTERPRISE OFFSHORE PORT SYSTEM, LLC and TEPPCO O/S PORT SYSTEM, LLC, dissociated from the TOPS offshore crude oil port and pipeline system project on Thursday, April 16, 2009, resulting in the cancellation of their partnership interests. Oiltanking Freeport, L.P. and OTF GP, LLC are the sole remaining partners of TOPS. TOPS is determined to collaborate with existing customers as well as other potential industrial and financial partners in order to establish the best path forward for the TOPS project.
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. For these reasons, TOPS will continue to develop the project with an estimated investment of 1.8 billion USD.
The TOPS project will include an offshore port, two onshore storage facilities with approximately 5.1 million barrels of total crude oil storage capacity, and an associated 160-mile pipeline system with the capacity to transport up to 1.8 million barrels per day (BPD) of crude oil. The development of the offshore port system and onshore infrastructure is supported by long-term contracts with Motiva Enterprises LLC and ExxonMobil Corporation.
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.
For media enquiries, please contact:
Mr Carlin Conner
President Oiltanking North America
Phone +1-281-457-7900