Statoil has signed a 10-year contract with Enterprise Products Operating LP for the sale, export and storage of liquefied petroleum gases (LPG) at Enterprise's terminal in Mont Belvieu, Texas.
Enterprise is a leading North American provider of midstream energy services within NGL, natural gas and crude oil.
NGL consists mainly of ethane, propane, butane and naphtha.
Enterprise also operates the largest import, storage and export facility of LPG – which consists of propane and butane – in the USA.
Statoil has had a growing business relationship with Enterprise since 1997.
According to Luann Smith, president of Statoil Marketing & Trading (US), this agreement is an important element in establishing a long-term logistical outlet for Statoil in the USA.
"The US and gulf coast is one of the key markets for LPG produced at Kårstø and Mongstad," says Ms Smith.
"This agreement will strengthen Statoil's global LPG trading activities."
Statoil is one of the leading participants in the global LPG market and currently has approximately a 10 per cent market share of the world's waterborne LPG trade.