(corrects designation of Texas Express, Rocky Mountain and Front Range from crude to NGL pipelines in fifth paragraph)
* Seaway pipeline to reach 850,000 bpd capacity in 2014
* ECHO terminal begins accepting oil for storage
By Janet McGurty
NEW YORK, Nov 1 (Reuters) - Enterprise Product Partners, one of the nation’s largest pipeline and terminalling companies, sees good prospects for uniting the burgeoning growth of U.S. and Canadian crude oil with the Gulf Coast’s refinery row.
Enterprise Product Partners is joint owner of the Seaway pipeline, along with Canada’s Enbridge, which was reversed in June to carry oil from the north to the south of the United States.
Speaking to investors and analysts at its third quarter conference call, the company said this means that 150,000 barrels per day of crude is being moved out of the oil hub of Cushing, Oklahoma, and down to the Gulf Coast where it will be able to access 7.5 million barrels per day of refining capacity.
The pipeline, one of several the company is working on to unlock the value of growing domestic crude oil by connecting with refineries, will reach about 850,000 bpd of capacity in 2014.
The company is also in the process of working on three other pipelines which will carry natural gas liquids or NGLS, the Texas Express, the Rocky Mountain and the Front Range, which will have combined initial capacity of 465,000 barrels per day by the beginning of 2014.
NGLs are used in making chemicals and because of the nature of shale oil formations, they are plentiful.
On Thursday, the company also said that it was in the process of bringing on line the first phase of its ECHO storage terminal in Texas.
“As a matter of fact, we are introducing our first oil into ECHO today,” said Teague.
ECHO will be able to hold 6 million barrels of oil when it is completed, including crude from the Eagle Ford Shale formation.
Reporting By Janet McGurty; Editing by Bob Burgdorfer