Construction is under way on Intercontinental Terminals Co. LLC’s (ITC) new bulk liquids terminal on the Houston Ship Channel, which will provide storage and handling for petrochemicals and petroleum products as well as petrochemical gases and natural gas liquids (NGL). ITC, a unit of Mitsui & Co. (U.S.A.) Inc., has been operating on the channel since 1972 and owns and operates a 12.8 million bbl liquid bulk terminal facility in Deer Park, TX. The greenfield terminal is in Pasadena, TX, on the south side of the channel. Start up of operations is expected during the second quarter of 2015 with 10 tanks of 100,000 bbl each. The terminal will have two deep-water ship docks and four barge docks capable of handling large oceangoing tankers as well as inland barges. Multiple product pipelines are adjacent to or near the new terminal, which will also have rail and truck facilities.
Articles from Intercontinental
A federal judge on Friday rejected the New York Mercantile Exchange’s (Nymex) claims of copyright and trademark infringement by competitor Intercontinental Exchange (ICE) for ICE’s use of Nymex settlement prices in electronic energy trading and clearing operations. However, Nymex, which filed the lawsuit nearly three years ago, said it plan to appeal the judge’s decision (see Daily GPI, Nov. 21, 2002).
The major natural gas and oil associations, price publishers NGI and Platts, the Intercontinental Exchange and the New York Mercantile Exchange joined Tuesday in one last plea to Congress — to the conferees on the energy bill — to take note of the progress made over the last three years in voluntary price reporting and not impose a new mandatory system.
Energy trading platforms TradeSpark, Intercontinental Exchange (ICE) and RedMeteor Inc. all recently reported that trading volumes on their individual platforms continue to head in only one direction…up. Online energy trading is expected to reach $3.6 trillion in 2005, fueled primarily by the growth of financial derivatives, according to a new report by Forrester Research. The report predicts several newcomers will eventually catch up to EnronOnline (EOL), the clear e-commerce leader in 2000, but several other independent exchanges could become casualties in the next few years.
It’s been a little more than a week since the Intercontinental Exchange launched online energy trading among member companies, and the site already has posted $1 billion in energy transactions, putting the new exchange immediately into the running among major energy e-trading sites. The company claimed its first full week of energy trading was highly successful, with growing participation and expanding trade volumes.
Things are skating along for the Atlanta-based IntercontinentalExchange, “The ICE,” which yesterday said that it has expanded itstrading platform to now include global crude and refined oilproducts. Natural gas and power are expected to slide into playbefore the end of the year. Trading in those markets was to beginimmediately.