Several milestones have been reached in the development of the previously announced crude export terminal on Harbor Island, Texas, announced the Port of Corpus Christi Authority.
Corpus Christi-based Lone Star Ports will lead the development of the terminal, the first U.S. onshore export terminal servicing fully-laden VLCCs, furthering the Port’s position as a global crude oil export hub.
Lone Star Ports is a joint venture between The Carlyle Group and The Berry Group (Berry). Berry is the largest private employer in the Corpus Christi area through its numerous investments and operations in the oil and gas industry and its subsidiary Bay Ltd., a Corpus Christi-headquartered infrastructure, construction, and fabrication contractor for the oil and gas sector.
Lone Star Ports has signed indicative agreements with Harvest Midstream and EPIC Crude Pipeline, which is backed by funds affiliated with Ares Management. These two pipelines will provide connectivity to more than one million barrels per day (mmbbls/d) of crude oil from the Permian and Eagle Ford basins in Texas. Lone Star Ports also entered into an indicative agreement with Martin Midstream Partners (Martin) for Martin to work with Lone Star Ports to provide a single, integrated VLCC solution on Harbor Island.
These agreements and arrangements remain subject to definitive documentation among the relevant parties, coordination with the Port, satisfactory completion of due diligence and final approval by each relevant party.
For more information visit www.portcorpuschristi.com
17th December 2018