11 April 2016
DETAILS
and
Rex Energy Corporation (Nasdaq: REXX)
have today announced
a new natural gas liquids sale and purchase agreement
covering ethane, propane and butane.
The natural gas liquids will be transported
through the Mariner East infrastructure
and exported by sea from Marcus Hook
to INEOS’ European cracker complexes.
The transportation of ethane begins this month.
Shipment of propane and butane
begin following
the completion of Mariner East 2 pipeline in 2017.
INEOS has invested $2 billion bringing US shale gas to Europe.
On the 23rd March, INEOS confirmed that its vessel,
the INEOS Intrepid,
had arrived at its petrochemicals plant
at Rafnes in Norway,
carrying 27.500m3 of US shale gas ethane.
This was the very first time that
ethane from US shale gas had ever been exported
from the USA and the first time it has been imported into Europe.
It gives the continent the chance to benefit
from US shale gas economics
which did so much to revitalise manufacturing in the USA.
The project has been complex
- involving the design and long term charter
of all eight Dragon class ships
(which will collectively create a virtual pipeline
across the Atlantic),
connection of the new 300 mile Mariner East pipeline
from the Marcellus shale in Western Pennsylvania
to the Marcus Hook deep water terminal
near Philadelphia, and
the creation of new export facilities and storage tanks.
President and Chief Executive Officer
Rex Energy
“We are excited to begin this new relationship
with INEOS,”
“With the new sales agreement, we will now have
three different outlets
to deliver our natural gas liquids volumes,
both domestic and international.
The new outlets will enhance
the economics of our wells
in the Butler Operated Area
and our overall resource potential.”
Jim Ratcliffe,
The chairman and founder of INEOS
“Shale gas economics has revitalised US manufacturing,
it has the potential to do the same
for European manufacturing.”
Press Contacts
Media contacts
INEOS
Richard Longden (INEOS) 0041 21 627 7063 or 0041 7996 26123
Andrew McLachlan (MediaZoo) 020 7384 6980 or 07931 377162
Sareen Gosal (MediaZoo) 020 7384 6980 or 07896 776554
Rex Energy Corporation
Investor Relations (814) 278-7130 InvestorRelations@rexenergycorp.com
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