Phillips 66, Trafigura form JV to develop deep-water port near Corpus Christi, Texas

Phillips 66 and Trafigura Group have formed a 50:50 joint venture, Bluewater Texas Terminal, to develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi in Texas.

The proposed project, to be constructed by Phillips 66, will consist of up to two single point mooring buoys capable of fully loading very large crude carriers (VLCCs) to export crude oil.

The project is currently in the permitting stage though the joint venture owners expect to make a final investment decision later this year pending permit approval.