Caliche Development Partners announces first customer acquisition and long-term storage services agreement for ethylene
HOUSTON, – Caliche Development Partners, a Houston-based company focused on the development, construction, and operation of subsurface hydrocarbon storage assets and related pipelines in North America, announced execution of a long-term storage services agreement for ethylene in its Beaumont, TX located cavern.
Caliche will provide firm storage service in a substantial portion of the 600-million-pound capacity salt cavern for their customer’s ethylene and derivative operations in the Golden Triangle area, beginning in the third quarter of 2018. Caliche’s customer’s revenues place it in the top 20 of the Fortune 500, and top five of publicly traded oil, gas, refining, and petrochemical companies.
“Caliche is pleased with this momentum and believes it is further confirmation that we are filling a market void for producers and consumers of ethylene,” said Dave Marchese, Chief Executive Officer of Caliche Development Partners, LLC. “We expect to be fully subscribed for ethylene storage service and plan to support these same customers with NGL feedstock storage service in 2019.”
Caliche Coastal’s fully permitted, salt cavern facilities sit on 53 acres atop Spindletop Dome, with an additional 345-acre brine pond site strategically located less than four miles away. When fully developed, the operation will provide producers and end users up to 32 MMbbl of purpose-built, salt cavern storage facilities.
The US Energy Information Administration (EIA) reported in April that the US set records for natural gas production in 2017.
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