Jack's Picks V
What follows is a discussion in which I will post/share industry related articles that I believe to be of general interest to some who frequent this site.
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Permalink Reply by Jack Straw on
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Source: http://articles.philly.com/2013-05-10/business/39170660_1_mariner-e...
New owners' big plans for Marcus Hook refinery site
Sunoco Logistics , based in Philadelphia, bought the refinery site from its former parent company, Sunoco. APRIL SAUL / Staff Photographer
Now that Sunoco Logistics Partners L.P. has taken ownership of the closed Marcus Hook refinery, the pipeline company has big plans for the Delaware River industrial site.
Sunoco Logistics chief executive Michael J. Hennigan provided analysts with details Thursday about how the pipeline and terminal company plans to repurpose the refinery as a hub for shipping liquid fuels produced from natural-gas drilling in the Marcellus and Utica Shales.
"We plan to create a world-class natural-gas liquids hub on the East Coast," Hennigan said.
Sunoco Logistics, based in Philadelphia, announced Wednesday that it had acquired the refinery for $60 million from its former parent company, Sunoco Inc. Both companies are affiliated with Energy Transfer Partners L.P., a Texas pipeline firm that acquired Sunoco last year.
Sunoco Logistics, whose aim in its previous life was to deliver crude oil to Sunoco's refinery network and move refined products to market, is repositioning itself as an independent pipeline company. On Wednesday, it reported $236 million in first-quarter earnings, a new record and a 40 percent increase from a year ago.
The Marcus Hook refinery, which has five deepwater berths, will become the anchor for Sunoco Logistics' Mariner East project, which will transport natural-gas liquids like propane and butane through an existing pipeline from Western Pennsylvania for loading onto oceangoing vessels in Marcus Hook.
The former refinery site already has substantial storage tanks, but the company plans to build some large refrigerated aboveground tanks for storing ethane, which must be supercooled to remain liquid. Most of the materials being shipped through Marcus Hook are destined for export as ingredients in chemical manufacturing.
The Mariner East project is scheduled to go on line in late 2014, but Sunoco Logistics is already bringing propane by truck and rail to Marcus Hook, Hennigan said.
"The Marcellus liquids today are finding their way to the coast and we're loading ships as we speak," he said.
Demand is so high for outlets to move fuels out of the Marcellus region that the company is planning to expand the Mariner East project, whose capacity is constrained by the size of the 8-inch-diameter pipeline.
The company has budgeted $600 million to complete the Marcus Hook connection as well as a second project, Mariner West, which is converting an existing pipeline to transport natural-gas liquids from Western Pennsylvania to Ontario.
The Mariner projects are in competition with other companies that want to build or convert pipelines from the Marcellus region in Appalachia to the Gulf Coast. Hennigan said he believes much of the material is destined for export, so it makes more sense to transport it to port by the shorter Keystone State route.
"Our view is that traveling 300 miles is much more competitive than traveling all the way down to the Gulf Coast to achieve the same end result of meeting the exports," he said.
By Andrew Maykuth, Inquirer Staff Writer
Posted: May 10, 2013
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Permalink Reply by 015334grltd9m on
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Sunoco will win this competition, I always thought the east cost was our outlet.
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Permalink Reply by Booger on
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i hope your right......it will be nice to see marcus hook running again....i flew into philly a few months ago at night, not a single light on in that facility.
the much larger sun philly plant was on the verge but is now running strong....and the PBF refinery in Del City (former DCR, Valero, Motiva) was brought back on line not that long ago.
it certainly seemed like dire straights in the region a couple years ago....good to see things improving.
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Permalink Reply by Tim Tarr on
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Good job Jack.
Oh about that power in California. I'm about 50miles N. of Sacramento right now and power out. PG&E says they know about it but not on their map. Hmmmmmm
Was only 95 today let's see what happens when it hits 100 for a few days.
" tee hee ee ee ee ...."
Thats for "The Fool"
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Motley Fool perhaps...?
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Maybe you just forgot to pay your bill, it's not like CAISO is anywhere near maxed out:
http://www.caiso.com/Pages/TodaysOutlook.aspx#SupplyandDemand
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Permalink Reply by Tim Tarr on
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dingojoe,
I know I looked at it when power was out. When power did come back Voltage was low for additional 12 hours. I lived there a long time and never seen anything like it.
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Hey, I like modern conveniences...but I can live without them too. Gotten by this far.
Earthjustice: Environmental Law: Because the Earth Needs a Good Law...
...and then there's the 'flip-side' of EVERY coin...
Photo Reprints - Canton, OH - CantonRep.com
May the best one 'win'??? What happened to the happy medium?...I like my car, but I don't need to drive it as much as I do. I like to stay cool, but I can get by with the fan & the beach...
Do what cha' do when you do it...the WAY that you 'do it'...life is ALL about choices. It's all in how you look at it....
As one light lights another, nor grows less - so nobleness enkindles nobleness. Walk on....dingojoe...even CA has drastically changed...no more 'California Dreamin' like there once was....
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Jack - didn't they buy Mercer Co.'s Tennessee Oil & Gas refinery?...next big buy - Neville Island?
MarkWest Announces Commitment for Mariner East NGL Pipeline | Marce...
***10-year outlook plan (horizon?...Lost Horizon...by James Hilton...)
As one light lights another, nor grows less - so nobleness enkindles nobleness.
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