Targa Resources, Blackstone Form JV for Pipeline Construction Project

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Targa Resources Corp. has executed agreements to sell a 25 percent joint venture interest in its previously announced Grand Prix natural gas liquids pipeline to funds managed by Blackstone Energy Partners. Once completed, Grand Prix will be a new 300,000 barrel per day common carrier NGL pipeline from the Permian Basin to Mont Belvieu, Texas, containing expansion capability to 550,000 bpd.

Concurrent with the sale of the interest in Grand Prix to Blackstone, Targa Resources and EagleClaw Midstream Ventures, LLC, a Blackstone portfolio company, executed a long-term Raw Product Purchase Agreement for transportation and fractionation services whereby EagleClaw Midstream has dedicated and committed significant NGLs associated with its natural gas volumes produced or processed in the Delaware Basin.

Targa Resources expects the Grand Prix natural gas liquids pipeline to be operational in the second quarter of 2019.