The deal, subject to shareholder approval, would position EPD to play an even larger part in US crude and condensate exports.

EPD will acquire Oiltanking’s 12 docks on the Houston Ship Channel and the port of Beaumont, Texas, along with 24m barrels of crude and products storage.

“We think a position on the Houston Ship Channel is key to being able to offer services to producers out of the Permian, Eagle Ford and the Midwest,” said EPD chief operating officer Jim Teague.