WASHINGTON (dpa-AFX) - ONEOK, Inc. (OKE), Tuesday announced the decision to form joint ventures with MPLX LP (MPLX), including a new large-scale liquefied petroleum gas export terminal in Texas City, and a new 24-inch pipeline to the new terminal from the company's Mont Belvieu facility.
The new terminal, named Texas City Logistics LLC, will be owned 50 percent by ONEOK and 50 percent by MPLX. Meanwhile, the pipeline joint venture, called MBTC Pipeline LLC, will be controlled 80 percent by ONEOK and 20 percent by MPLX.
Both companies are expected to spend about $700 million each for the new export terminal, which is expected to complete in early 2028.
Overall, ONEOK anticipates to invest a total of approximately $1 billion for both projects.
In the pre-market hours, ONEOK's stock is trading at $97.06, down 0.58 percent on the New York Stock Exchange.
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