|TEPPCO Partners, L.P. Begins Service at New Boligee, Alabama Refined Products Terminal|
HOUSTON--(BUSINESS WIRE)--Aug. 7, 2008--TEPPCO Partners, L.P. (NYSE:TPP) today announced that its TEPPCO Terminal and Marketing Company subsidiary has commenced operations at the partnership's new 500,000 barrel Boligee refined products terminal in Greene County, Alabama. Located along the Tennessee Tombigbee waterway, the facility has storage for gasoline, diesel and ethanol, and features direct access to most of the Gulf Coast refining centers through an interconnect with the Colonial pipeline system. Additionally, the intermodal terminal offers truck and marine transportation options and future rail capabilities.
"The Boligee terminal represents the centerpiece of our ongoing strategy to develop a network of terminals at key locations along the nation's inland waterways and complements our growing marine transportation and services business," said Jerry E. Thompson, president and chief executive officer for TEPPCO's general partner. "The facility will also serve as an origination point for refined products delivered to the partnership's 130,000 barrel terminal in Aberdeen, Mississippi, in addition to three other locations that are planned for construction along the Tennessee and Cumberland rivers. With river access to agricultural areas in the Midwest, Boligee is also well positioned to serve as a key ethanol hub for markets in the southeastern United States."
The design of the terminal features five storage tanks, including 120,000 barrels of capacity for ethanol, a three-bay automated truck rack and dock facilities that can accommodate four barges simultaneously. The terminal is located on an 80-acre site being leased from the Greene County Industrial Development Board.
"The county's economic development team showed a tremendous commitment to understanding and meeting the needs of the local community, and provided TEPPCO with the support and resources to make this project a reality," added Thompson. "We look forward to a productive and mutually beneficial relationship with them for decades to come."
TEPPCO Partners, L.P., a publicly traded partnership with an enterprise value of approximately $5 billion, is a diversified energy logistics company with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership's midstream network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. Including joint venture ownership, TEPPCO's storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 14 million barrels of capacity for crude oil. TEPPCO also owns a marine business that transports refined petroleum products, crude oil and lube products via tow boats and tank barges. For more information, visit TEPPCO's website. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings (NYSE:EPE).
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties, such as the partnership's expectations regarding future results. These risks and uncertainties include, among other things, insufficient cash from operations, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P.'s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
CONTACT: TEPPCO Partners, L.P., Houston