Energy Transfer LP said that it is going to invest the majority of it $3.3 billion in growth capital to expand its system to transport NGL and LPG as it is fighting a legal battle for its Dakota Access oil pipeline and company maybe has to face the new Biden presidency.
The company’s chief financial officer, Tom Long said that there is a huge market of petrochemicals, both locally and globally, and that’s going to be exponential growth for us.
Energy Transfer’s NGL transportation volumes reached up to 1.5 million barrels-per-day (BPD) in the three months ending Sept. 30, which is 10% more from the same quarter, last year. The company wants to increase is LPG export from 180,000bpd to 500,000 BPD.
Dakota Access Pipeline (DAPL) is responsible for the transportation of 40% of the oil production in the Bakken. The company approved a plan last month to double the capacity of its Dakota Access Pipeline
Energy Transfer is battling to keep DAPL operating as it appeals a U.S. district court ruling requiring an extensive environmental review of the line and vacating one of its key permits.
Energy Transfer is fighting a legal battle to keep DAPL operating as the court asked for an extensive environmental review of the pipeline.
The company is also facing another threat from Joe Biden that he can pass an executive order forcing DAPL to shut if he becomes the president.
Ford Motor announced on Wednesday that it is recalling about 375,000 Explorer SUVs in North America to replace a part which company think can break and lead to a crash.
The Recall is for 2013-2017 model vehicles and company think that they need to replace the rear suspension toe link which seems to be the reason behind recent 13 crashes which force Ford to announce the recall.