Midstream giants to partner on deepwater terminal for VLCCs in Gulf of Mexico

Houston-based Enterprise Products Partners LP (NYSE: EPD) and Canada-based Enbridge Inc. (NYSE: ENB) signed a letter of intent to jointly develop and market Enterprise’s Sea Port Oil Terminal, the midstream giants announced in Dec. 9 press releases.

Next, the companies will negotiate an equity participation right agreement that would allow an Enbridge affiliate to acquire an ownership interest in SPOT Terminal Services LLC, which owns SPOT, subject to the project receiving a deepwater port license.…