TEPPCO ordered to sell Mont Belvieu NGL storage

The US Federal Trade Commission has ordered TEPPCO Partners LP to sell its interest in a Mont Belvieu natural gas liquids storage facility and associated assets by Dec. 31.The Aug. 18 order came after the federal agency determined that Enterprise Product Partners LP’s February 2005 acquisition of TEPPCO’s general partner, Texas Eastern Products Pipeline Co. LLC, for $1.1 billion created a potentially uncompetitive situation (OGJ, Feb. 21, 2005, Newsletter).The preliminary order did not come as a surprise to TEPPCO, which mentioned a possible divestiture of its 50% interest in Mont Belvieu Storage Partners in its latest proxy statement and quarterly financial filings with the U...

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