Image courtesy of the Port of Corpus Christi
Texas-based Buckeye Partners L.P has announced a joint venture partnership with Phillips 66 Partners L.P. and Andeavor to develop a new deep-water open access terminal at Corpus Christi Bay.
The new South Texas Gateway Terminal will be constructed on a 212-acre waterfront in Ingleside, Texas, and will be used as the primary outlet for crude oil and condensate volumes delivered off of the Gray Oak pipeline from the Permian Basin.
The terminal will be constructed and operated by Buckeye Partners and will feature 3.4 million barrels of crude oil storage capacity and two deep-water vessel docks capable of berthing Very Large Crude Carriers (VLCCs) after the initial construction works.
The facility has been planned to allow for continued expansion up to 10 million barrels of storage capacity and additional docks.
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Buckeye Partners will own a 50% share in the new terminal, while Phillips 66 and Andeavor will both own 25% each.
Khalid Muslih, Executive Vice President of Buckeye and President of Buckeye’s Global Marine Terminals business unit said: “The South Texas Gateway Terminal will serve as a premier open-access deep-water marine terminal in the Port of Corpus Christi.
“The terminal will provide customers with logistics solutions that connect the region’s rapidly growing crude oil production with advantaged access to global markets.
“Buckeye is extremely pleased to be partnering with two other leading integrated energy firms in Phillips 66 Partners and Andeavor and believes this partnership offers tremendous opportunity for future development and growth of the South Texas Gateway Terminal.”