Permico Energia, a privately held Houston-based midstream energy company, announces plans to construct a new Texas natural gas liquids (NGL) system comprised of 510 miles of 24-inch pipeline to ship West Texas Permian Basin NGL production to its planned 300,000 barrels per day fractionator near Corpus Christi, Texas. The project scope also includes construction of a 350-mile system of downstream product pipelines which will provide access to an eight-million-barrel NGL storage facility and to Texas Gulf Coast industrial markets, including the Mont Belvieu area.
Construction is expected to commence in the second quarter of 2018 and the system’s initial capacity of 300,000 barrels per day will be operational in the fourth quarter of 2020.
“Permico’s new energy corridor will provide operating and cost advantages over the traditional Mont Belvieu options, which will enable us to provide reliable, economically superior solutions to the growing demands of our customer partners,” said Jeff Beicker, CEO of Texas Permico Partners, a wholly owned subsidiary of Permico Energia. “We have enjoyed a positive reception from both sides of the pipe and are currently negotiating long term producer and industrial partner contracts.”
Project funding has been secured through long term commitments from Korean pension fund institutions, with Sumitomo Mitsui Bank Corp serving as lead syndicator for the senior debt financing. At present, all project equity has been committed and senior debt financing is expected to close in the first quarter of 2018.
Founded in 2015, Permico Energia LLC has offices in Houston and Washington D.C. Founded by a team of senior executives with in-depth experience in energy infrastructure projects, Permico Energia is focused on developing, constructing and operating midstream assets in Texas, as well as the domestic and international marketing of hydrocarbons.
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