On February 23, the Commission approved an application for divestiture from Dan L. Duncan (“Duncan”); EPCO, Inc. (“EPCO”); Texas Eastern Products Pipeline Company, LLC; and TEPPCO Partners, L.P. (together “TEPPCO”), concerning a 2006 FTC order related to TEPPCO’s interest in the Mont Belvieu Storage Partners, L.P. (“MBSP”). Under the terms of the FTC decision and order, Duncan, EPCO, and TEPPCO were required to divest TEPPCO’s interest in MBSP and sell certain pipelines, land, and other assets owned by TEPPCO in and around Mont Belvieu. MBSP is a partnership between TEPPCO Partners, L.P. and Louis Dreyfus Energy Services, L.P. (“Louis Dreyfus”), and provides salt dome storage for natural gas liquids in Mont Belvieu.
TEPPCO divested its MBSP interest and its other pipelines and land to Louis Dreyfus to satisfy the terms of the Commission’s order. The FTC, by a vote of 4-0, with Commissioner J. Thomas Rosch recused, approved the proposed divestiture.