Posted on 04/22/2009 4:43:09 AM PDT by thackney
Two of three partners in a proposed $1.8 billion oil port off Freeport said Tuesday they have withdrawn from the project, but the remaining company involved says the plan will go forward.
Enterprise Products Partners and Teppco Partners, both affiliated with Houston billionaire Dan Duncan, said they were pulling out of the Texas Offshore Port System, a project announced last August that would allow two supertankers at a time to unload crude oil into pipelines 36 miles off the coast.
The remaining partner, Oiltanking Holdings Americas, said it will continue with the project.
The companies would not elaborate on the reasons for the split, but in a prepared statement Oiltanking said it is disappointed by Enterprise and Teppco’s decision to pull out and “does not agree with the rationale behind this decision.”
“Oiltanking, through its subsidiaries, is the only remaining founding partner and will collaborate with existing customers and other potential industrial/financial partners to determine a path forward for the TOPS project,” Oiltanking said.
Exxon Mobil Corp. and Motiva, a joint venture of Royal Dutch Shell and Saudi Arabia’s Aramco, previously have been named as customers for the project.
(Excerpt) Read more at chron.com ...
The Texas Offshore Port System (TOPS) project will include an offshore port, two onshore storage facilities with approximately 5.1 MMbbl of total crude oil storage capacity, and an associated 160-mi (257-km) pipeline system with the capacity to deliver up to 1.8 MMb/d of crude oil. System capacity could be expanded with construction of additional offshore facilities, the companies say. Development of the offshore port system and onshore infrastructure is supported by long-term contracts with Motiva Enterprises and an affiliate of Exxon Mobil Corp., which together have committed a total volume of approximately 725,000 b/d.
TOPS is designed to allow operations 24 hours per day without restrictions on movements and vessel size that limit most ship channels. TOPS would be able to accommodate the largest vessels which can carry approximately 3 MMbbl of crude oil. The location of TOPS is also designed to avoid delays and risks related to fog, navigation hazards, and channel closures on coastal waterways.
[The Texas Offshore Port System (TOPS) project will include an offshore port, two onshore storage facilities with approximately 5.1 MMbbl of total crude oil storage capacity, and an associated 160-mi (257-km) pipeline system with the capacity to deliver up to 1.8 MMb/d of crude oil.]
The communist democrat politicians of D.C. will stop all this with laws and taxes that no one can afford, the greenhouse emissions taxes that the communist federal Congress will pass under the democrat party will destroy all hope for them and gas prices will go up so that the people will curse the oil companies that the communist democrats will point out to the stupid people of America who think green energy is the way.
People of America are fools and the whole world knows it. And the liberals in the rino GOP will be bought off by the communists of the left.
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