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June 11, 2014
16:23 EDTOILTOiltanking Partners approves Texas crude oil terminal expansion project
Oiltanking Partners announced that the board of directors of its general partner has approved an expansion project to construct new crude storage, pipelines, and dock infrastructure at its terminal in Beaumont, Texas. The multi-phase crude expansion will have a total capacity of up to 6.2M barrels of storage at a total cost of approximately $340M when all currently planned phases have been completed. The initial phase of the project is fully supported by customer commitments. The expansion project is designed to meet the growing needs of Oiltanking's customers in the Beaumont/Port Arthur market, with a current refining capacity of 1.5M barrels per day. The Partnership expects to begin delivering initial tanks to customers during 3Q15, with the balance of the tanks coming online as they are completed through 1H16.
News For OILT From The Last 14 Days
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October 1, 2014
15:50 EDTOILTEnterprise deal a meaningful long-term positive, says Wells Fargo
Wells Fargo views Enterprise Products' (EPD) purchase of most of Oiltanking Partners (OILT) and its proposal to acquire the rest as a modest financial positive for Enterprise but a meaningful long-term positive in a strategic sense. The firm views the deal as net neutral for Oiltanking Partners unitholders. Wells maintains its Outperform rating on shares of Enterprise Products.
09:07 EDTOILTEnterprise Products buys Oiltanking unit for approximately $4.41B
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09:04 EDTOILTEnterprise Products proposes merger of Oiltanking Partners
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09:03 EDTOILTEnterprise Products acquires partner interests in Oiltanking Partners
Oiltanking Partners (OILT) announced that Oiltanking Holding Americas, a subsidiary of Oiltanking GmbH, has sold its 64.7% limited partner interest in the Partnership, represented by 15,899,802 common units and 38,899,802 subordinated units in the Partnership, as well as its 2% general partner interest and related incentive distribution rights, to Enterprise Products (EPD). Oiltanking Partners, through its wholly owned subsidiaries, Oiltanking Houston and Oiltanking Beaumont, engages in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas at its terminals located on the Houston Ship Channel and in Beaumont, Texas. In the transaction, Oiltanking Holdings received Enterprise common units valued at approximately $2.20B and $2.21B of cash for total consideration of approximately $4.41B. Christian Flach, former Chairman of the Board of Directors of the general partner of the Partnership, has joined the Board of Directors of Enterprise's general partner. Enterprise also paid $228M to an affiliate of Oiltanking Holdings to purchase notes receivables and accrued interest thereon due from the Partnership and its subsidiaries.

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