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Itochu says talks with Vitol end on Texas LPG export facility
October 4, 2013 / 1:59 AM / 4 years ago

Itochu says talks with Vitol end on Texas LPG export facility

TOKYO, Oct 4 (Reuters) - Itochu Corp and European oil trading house Vitol S.A. have ended talks about the Japanese trader taking a 34 percent stake in Vitol’s planned $500 million U.S. liquefied petroleum gas (LPG) refining, storage and exporting base, an Itochu spokesman said.

The Itochu spokesman declined to comment on the specific reason for the firms ending the talks, saying only that the decision was a “comprehensive judgement”.

A final investment decision on the facility that looked to include butane and propane storage capacity in Beaumont, Texas, had been delayed from a planned June timeframe.

The plant was slated to ship about 3 million tonnes a year of LPG overseas, Itochu had said when it first announced its intent to participate in the project in February.

Vitol could not be immediately contacted for a comment. (Reporting by James Topham; Editing by Muralikumar Anantharaman)

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