Enterprise, Energy Transfer terminate pipeline JV to build Double E Cushing to Houston crude oil line

By Phaedra Friend Troy

Enterprise Products Partners (NYSE:EPD) has terminated a proposed joint venture with Energy Transfer Partners (NYSE:ETP) ) to build a crude oil pipeline from Cushing, Oklahoma, to refineries on the Texas Gulf Coast.

First announced in April 2011, the 50/50 joint venture was planning to build a 584-mile-long crude oil pipeline called the Double E, to transport stranded oil at the Cushing terminal to Houston, Texas. The Double E was to have a 450,000-barrel-a-day takeaway capacity.

Despite "significant shipper interest" during the extended binding open season, the pipeline could not generate enough agreements to commercially support the development of the pipeline.

Nonetheless, Enterprise reports that the midstream company "remains committed to developing a crude oil pipeline from Cushing to the Gulf Coast and will continue to work with potential shippers to secure additional support for the project."

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