Feb 4 (Reuters) - Pipeline operator ONEOK OKE.N and midstream company MPLX LP MPLX.N entered into a joint venture on Tuesday to construct a 400,000-barrel per day (bpd) liquefied petroleum gas $(LPG)$ export terminal in Texas at a total investment of $1.4 billion.
The two companies will pump in an equal amount and jointly own the Texas City Logistics $(TCX)$ export terminal, which is expected to be completed in early 2028. MPLX will build and operate the facility.
The agreement also includes ONEOK building and operating a 24-inch pipeline from its storage facility in Mont Belvieu, Texas, to the new export terminal. ONEOK will have 80% ownership of the pipeline.
Energy infrastructure firms, including midstream companies, have seen increased investor interest as they wager on long-term demand, fueled by the growing need for electricity as more EVs are sold and the rise of power-guzzling technologies such as generative AI.
"Given our high expectations for future growth and demand for more energy infrastructure, including export capacity, these projects with MPLX complement our disciplined capital allocation strategy," ONEOK said in a statement.
(Reporting by Pooja Menon in Bengaluru; Editing by Savio D'Souza)
((Pooja.Menon@thomsonreuters.com;))
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