Energy Transfer LP (NYSE: ET) announced today it is expanding its presence in China to meet growing demand for ethane and liquid natural gas products by opening an office in Beijing, the first office for Energy Transfer outside the United States. This strategic move allows Energy Transfer to better leverage the increasing business opportunities in the exportation of much-needed energy products to the China and other Asian markets, and to facilitate growth across Energy Transfer’s diverse platform of assets.
Energy Transferowns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major U.S. production basins. It is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets.
Energy Transfer’s Beijing office will support the marketing and sales of energy products including liquefied natural gas, ethane, propane, butane, natural gasoline and crude oil. Executives from Energy Transfer and companies across China, along with local dignitaries, will attend an opening reception tomorrow scheduled from 1700 hours to 1930 hours at Beijing Park Hyatt, 2 Jianguomenwai Street, Chaoyang District, Beijing 100022, China, in Beijing’s downtown business district.
Last year, Energy Transfer announced a joint venture with China-based Satellite Petrochemical to facilitate the export of ethane to China. Orbit Gulf Coast NGL Exports, LLC (Orbit) is currently constructing a pipeline that will transport ethane from Energy Transfer’s Mont Belvieu fractionation and storage facilities to a new ethane terminal adjacent to Energy Transfer’s Nederland, Texas NGL facility. Approximately 150,000 barrels per day of ethane under a long-term, demand-based agreement will be exported to Satellite’s ethane cracking facilities in China.
On March 25, 2019, Energy Transfer announced it signed a Project Framework Agreement with Shell US LNG, LLC to further develop a large-scale LNG export facility in Lake Charles, Louisiana. The Lake Charles project is a 50/50 venture between Energy Transfer and Shell. The project is proposed to convert Energy Transfer’s existing Lake Charles LNG import and regasification terminal to an LNG export facility with a liquefaction capacity of 16.45 million tonnes per annum for export to customers in China and other global markets. The project is fully permitted, uses existing infrastructure and benefits from abundant natural gas supply and proximity to major pipeline infrastructure, including Energy Transfer’s vast U.S. pipeline network.
“This is an exciting milestone in the history of our Partnership,” said Mackie McCrea, President and Chief Commercial Officer, Energy Transfer. “The deep value that China’s people have for developing relationships based on mutual respect aligns with our core values. We see this office as the foundation for developing successful relationships that will be mutually beneficial for both the U.S. and the China energy markets.”
About Energy Transfer
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major U.S. production basins, ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., formerly known as Energy Transfer Partners, L.P., also owns the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 39.7 million common units of USA Compression Partners, LP (NYSE: USAC).
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Energy Transfer LP Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. Energy Transfer undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
Copyright Business Wire 2019