A subsidiary of Enterprise Products Partners has purchased an ethylene storage business and trading hub in Mont Belvieu, Texas.
The hub is a wholly owned subsidiary of NOVA Chemicals, one of the largest merchant ethylene producers and marketers on the US Gulf Coast. NOVA Chemicals will be a long-term storage customer in the Enterprise system.
“This 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 technology facility in Ontario that will deliver recycle ready resins for sustainable packaging solutions,” stated John Thayer, senior vice-president of sales and marketing for NOVA Chemicals.
Chris D’Anna, senior vice-president of Petrochemicals of Enterprise’s general partner, said: “The 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’s ethylene midstream services, including our export terminal and growing Gulf Coast pipeline system,” he explained.
Terms of the deal were not disclosed.
For more information visit: www.enterpriseproducts.com