Enterprise Product Partners SPOT project wins conditional federal approval (NYSE:EPD)

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Enterprise Product Partner (NYSE:EPD) said on Wednesday the proposed seaport oil terminal Receive Minutes of Decision from the U.S. Department of Transportation’s Maritime Administration, which the partnership calls “an important milestone” in the process of achieving license for the project.

The ROD includes assessments by more than a dozen federal agencies, including the Environmental Protection Agency and the Army Corps of Engineers, as well as assessments and approvals by the state of Texas.

enterprise (EPD) said it would begin work on meeting the remaining conditions – including conventional construction, securing operations and decommissioning, submitting an outreach plan, restoring wetlands, and VOC monitoring – to obtain a deepwater port license by 2023.

The SPOT port can export 2 million bpd from nearly 30 miles off the Texas Gulf Coast directly to large Crude Carriers and other tankers at up to 85,000 bph.

Enterprise Product Partner (EPD) continues to pay a growing dividend yield of nearly 8%, supported by an impressive asset portfolio and consistently high-volume asset turnover, The Value Portfolio wrote in a report. Analysis recently posted on Seeking Alpha.


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