Enterprise signs deal with Teppco

Enterprise Products Partners purchased Teppco Partners in a $ 3.3 bn deal to become the largest publicly traded energy partnership in the United States.
In the deal, Enterprise gains access to the largest oil and gas basins in the United States and serves some of the largest consumer bases in the region.

The partnership will control more than 45,000 miles of transit pipelines, with more than 20,000 miles reserved for natural gas and 5,000 miles of crude oil pipelines, with the remaining slated for natural gas liquids and petrochemicals.
The combined partnership will also control the largest inland tank barge company in the United States, as well as control refined product and chemical terminals from the east to west coast of the Lower 48.

The partnership will also control billions of cf of natural gas storage and processing capacity as well as lucrative crude oil volumes.
"We are excited to announce this merger, which will establish Enterprise as the largest pipeline partnership as measured by miles of pipe, enterprise value and equity market capitalization," said Michael A. Creel, president and chief executive officer of Enterprise.

A majority of shareholders of Teppco need to approve the deal.
Finalization is expected in 2010.