Feb 4 (Reuters) - Pipeline operator ONEOK ( OKE ) and

midstream company MPLX LP ( MPLX ) entered into a joint venture

on Tuesday to construct a 400,000-barrel per day (bpd) liquefied

petroleum gas (LPG) export terminal in Texas at a total

investment of $1.4 billion.

The two companies will pump in an equal amount and jointly

own the Texas City Logistics (TCX) export terminal, which is

expected to be completed in early 2028. MPLX ( MPLX ) will build and

operate the facility.

The agreement also includes ONEOK ( OKE ) building and operating a

24-inch pipeline from its storage facility in Mont Belvieu,

Texas, to the new export terminal. ONEOK ( OKE ) will have 80% ownership

of the pipeline.

Energy infrastructure firms, including midstream companies,

have seen increased investor interest as they wager on long-term

demand, fueled by the growing need for electricity as more EVs

are sold and the rise of power-guzzling technologies such as

generative AI.

"Given our high expectations for future growth and demand

for more energy infrastructure, including export capacity, these

projects with MPLX ( MPLX ) complement our disciplined capital allocation

strategy," ONEOK ( OKE ) said in a statement.