Pipeline company Enterprise Products Partners LP said it had acquired a 64.7 percent limited partner interest and a 2 percent general partner interest in crude storage provider Oiltanking Partners LP for $4.41 billion.The deal will help Enterprise Products tap international markets for the export of liquefied petroleum gas and other petroleum products.A dramatic increase in U.S. crude production and expanded refining capacity along the Gulf Coast has pushed up exports of refined products.Oiltanking Partners owns marine terminals on the Houston Ship Channel and the Port of Beaumont, Texas, with a total of 12 docks and about 24 million barrels of oil and petroleum products storage capacity on the Gulf Coast.
Enterprise Products Partners L.P. (Enterprise) owns and operates natural gas liquids (NGLs) related businesses of Enterprise Products Company (EPCO). Shares of EPD traded higher by 0.47% or $0.19/share to $40.49. In the past year, the shares have traded as low as $14.78 and as high as $41.38. On average, 3389180 shares of EPD exchange hands on a given day and today's volume is recorded at 1347185.
Oiltanking Partners, L.P. (OTLT) is engaged in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. Shares of OILT traded higher by 2.24% or $1.11/share to $50.70. In the past year, the shares have traded as low as $26.20 and as high as $54.95. On average, 75823 shares of OILT exchange hands on a given day and today's volume is recorded at 233177.
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