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Blackstone fund joins Targa's NGLs pipeline to Mont Belvieu

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Blackstone fund joins Targa's NGLs pipeline to Mont Belvieu

Targa Resources Corp. sold a 25% joint venture interest in its proposed Grand Prix NGLs pipeline to funds managed by Blackstone Energy Partners, the company said Oct. 4.

Targa in May originally announced plans for the project, which would transport volumes from the Permian Basin and Targa's North Texas system to its Mont Belvieu fractionation and storage complex, with a capacity of about 300,000 barrels per day, expandable to 550,000 bbl/d. Grand Prix will require around $1.3 billion and is scheduled to begin service in the second quarter of 2019.

In addition to acquiring an ownership stake, Blackstone Energy's EagleClaw Midstream Ventures LLC also signed an agreement committing "significant" volumes to the pipeline project.

Targa on Oct. 4 also announced that it will jointly develop the nearly 2 Bcf/d Gulf Coast Express pipeline project carrying Permian Basin gas to markets along the Texas Gulf Coast with DCP Midstream LP and Kinder Morgan Inc.