By OGJ editors
HOUSTON, Nov. 19 -- Enterprise Products Partners LP, Houston, paid $38.5 million for a plant on the Houston Ship Channel that produces high-purity isobutylene (HPIB).
It can produce more than 300 million lb/year of HPIB, much of which is under contract, according to the Enterprise report. HPIB is used in the manufacture of tires, lubricants, and other petroleum-based products.
The plant, bought out of bankruptcy and previously owned by Bigler LP, also provides terminal services for refined products and petrochemicals. On a 250-acre site, the plant also affords access to multiple transportation options, including marine, rail, truck, and pipelines.
Opened in 2009, the plant has four pressurized spheres for storing HPIB and butanes. In addition, more than 450,000 bbl of storage capacity is available for a variety of refined products and is currently accessible by barge.
The plant is equipped with multiple truck and rail racks for product movements, along with rail car storage for as many as 105 rail cars. And it is near Enterprise’s liquids pipelines that transport NGL and refined products.
"This acquisition complements our existing natural gas liquids, petrochemical services and refined products businesses and is a natural extension of our nearby Mont Belvieu operations, which will provide the raw materials for the plant," said Michael A. Creel, Enterprise president and chief executive officer.