Houston-based TEPPCO Partners LP, which already operates the Mont Belvieu Storage Partners LP, liquids facility said Tuesday it had signed a definitive agreement to acquire storage assets in Mont Belvieu, TX from ConocoPhillips for $34 million.

Mont Belvieu Storage Partners is a joint venture between TE Products Pipeline Co. LP and Louis Dreyfus Energy Services LP.

The liquefied petroleum gas and natural gas liquid storage and fractionation hub includes three salt dome storage wells with a total storage capacity of 5.6 million bbl, various pipeline assets and a 200-acre parcel of property for future expansion. The company will also acquire 2.6 million bbl of brine storage capacity, which will bring the venture’s total brine storage capacity to approximately 14.1 million bbl.

“This acquisition supports Mont Belvieu Storage Partner’s strategy of increasing the productivity of the Mont Belvieu assets by expanding our product and service base to include the storage and transportation of ethane and the storage of ethylene,” said Thomas R. Harper, senior vice president of Commercial Downstream.

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.