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Houston-based pipeline company, Enterprise Products Partners, L.P. (EPD - Analyst Report) has declared plans to build its new ethane export facility on Houston Ship Channel. Enterprise Products inked a 30-year agreement with the Port of Houston Authority for using its facilities, which are next to the partnership’s existing terminal at Morgan’s Point.

Enterprise Products had announced its plan for the project in April but had not disclosed the location of the facility. The agreement is an important one for the Port Authority, as it will boost the value of the existing lease with Enterprise. The terminal is scheduled to come online in the third quarter of 2016.

Enterprise Products intends to build a pipeline from its Mont Belvieu, TX natural gas liquids fractionation and storage complex, which will provide ethane for export. The export terminal is designed to have a capacity to load fully refrigerated ethane at about 10,000 barrels per hour.

The partnership also has certain long-term contracts in place to support the terminal and is in negotiation with prospective customers for the remaining capacity. The terminal with a capacity to load 240,000 barrels of ethane per day for export is believed to be the world's largest ethane export terminal, according to management.

Enterprise Products, a leading master limited partnership, offers a wide range of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGL) and crude oil.

The partnership's assets include 51,000 miles of onshore and offshore pipelines, approximately 200 million barrels of storage capacity for NGLs, refined products and crude oil as well as 14 billion cubic feet of natural gas storage capacity.

Currently, Enterprise carries a Zacks Rank #3 (Hold). Investors interested in the oil and gas industry could consider stocks like Encana Corp (ECA - Analyst Report), CVR Refining LP (CVRR - Snapshot Report) and Matrix Service Co. (MTRX - Snapshot Report). All of these sport a Zacks Rank #1 (Strong Buy).

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