HOUSTON, May 8, 2018 /PRNewswire/ -- Caliche Development Partners, a Houston-based company focused on the development, construction, and operation of subsurface hydrocarbon storage assets and related pipelines in North America, announced today execution of a long-term storage services agreement for ethylene in its Beaumont, TX located cavern. Caliche will provide firm storage service in a substantial portion of the 600-million-pound capacity salt cavern for their customer's ethylene and derivative operations in the Golden Triangle area, beginning in the third quarter of 2018. Caliche's customer's revenues place it in the top 20 of the Fortune 500, and top five of publicly traded oil, gas, refining, and petrochemical companies.
"Caliche is pleased with this momentum and believes it is further confirmation that we are filling a market void for producers and consumers of ethylene," said Dave Marchese, Chief Executive Officer of Caliche Development Partners, LLC. "We expect to be fully subscribed for ethylene storage service and plan to support these same customers with NGL feedstock storage service in 2019."
Caliche Coastal's fully permitted, salt cavern facilities sit on 53 acres atop Spindletop Dome, with an additional 345-acre brine pond site strategically located less than four miles away. When fully developed, the operation will provide producers and end users up to 32 MMbbl of purpose-built, salt cavern storage facilities.
About Caliche Development Partners, LLC
Caliche Development Partners, LLC is a Houston, Texas-based company focused on the acquisition, development, construction, ownership, and operation of subsurface hydrocarbon storage assets and related pipelines in North America, with a primary focus on the U.S. Gulf Coast. The company has partnered with North America's oldest dedicated midstream private equity investor, Energy Spectrum Capital, who also brings substantial midstream experience to the Caliche board. Together, the team offers a mixture of deep industry knowledge, positioning the partnership for successful development and ownership. More information about Caliche Development Partners, LLC and Caliche Coastal can be found at http://www.calichestorage.com/caliche-coastal.html. More information about Energy Spectrum Capital can be found at https://www.energyspectrum.com.
SOURCE Caliche Development Partners, LLC