JV to develop deep-water marine terminal in Texas
Houston-based Buckeye Partners has established a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water marine terminal at Ingleside, Texas.
Designed to be the primary outlet for crude oil and condensate volumes delivered from the planned Gray Oak pipeline from the Permian Basin, the open-access South Texas Gateway Terminal will be constructed on an 85.7-hectare waterfront parcel at the mouth of Corpus Christi Bay.
To be constructed and operated by Buckeye, the terminal will have a storage capacity of 3.4 million barrels of crude oil and two deep-water vessel docks capable of berthing very large crude carriers (VLCC).
The facility can be expanded to include more than 10 million barrels of storage capacity, multiple docks and other inbound pipeline connections.
The terminal is scheduled to begin operations by the end of 2019.
Buckeye will own a 50 per cent interest in the JV, while Phillips 66 Partners and Andeavor will each own 25 per cent.
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