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UPDATE 1-Enterprise to export its first U.S. crude after export ban lifted

Published 2015-12-23, 11:35 a/m
© Reuters. UPDATE 1-Enterprise to export its first U.S. crude after export ban lifted
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(Adds background on lifting of the ban, trader reaction, Vitol
as cargo owner )
Dec 23 (Reuters) - Enterprise Products Partners LP EPD.N
said on Wednesday it won its first contract to export U.S. crude
oil for trader Vitol in what may become the first such cargo
exported in almost four decades after Congress last week voted
to lift the export ban.
The Houston-based pipeline company said in a statement it
will be providing pipeline and marine terminal services to load
a 600,000-barrel cargo of domestic light crude oil scheduled for
the first week of January.
An Enterprise spokesman said that the cargo belongs to
Vitol, which will decide on a delivery destination. A
spokeswoman for Vitol could not immediately be reached for
comment on where the oil was going.
Some oil traders expressed surprise at the news, saying that
with the U.S. crude futures contract trading over Brent, exports
were not economical.
"We are excited to announce our first contract to export
U.S. crude oil, which to our knowledge may be the first export
cargo of U.S. crude oil from the Gulf Coast in almost 40 years,"
said A.J. "Jim" Teague, chief operating officer of Enterprise's
general partner.
On Friday, Congress passed and President Barack Obama signed
into law a $1.8 trillion government spending and tax relief bill
that included repealing the four-decade-old export ban.

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