US-based company Buckeye Partners has established a joint venture (JV) with Phillips 66 Partners and Andeavor to develop a deep-water, open access marine terminal facility in Ingleside, Texas.
Buckeye will control a 50% interest in the JV, while Phillips 66 Partners and Andeavor will each own a 25% interest.
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The proposed South Texas Gateway Terminal will be built on a 212-acre waterfront situated at the Corpus Christi Bay.
To be built and operated by Buckeye, the terminal will be designed to offer 3.4 million barrels of crude oil storage capacity, connectivity to the planned Gray Oak pipeline, and two deep-water vessel docks to handle very large crude carrier (VLCC) petroleum tankers.
The terminal will be expanded in the future to add over ten million barrels of storage capacity, as well as new docks and other inbound pipeline connections.
Construction of the terminal will be initially supported by long-term minimum volume throughput commitments from credit-worthy customers such as Phillips 66 and Andeavor.
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By GlobalDataThe terminal is slated to begin initial operations by the end of next year.
Buckeye Partners executive vice-president Khalid Muslih 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.”
With the proposed terminal, Buckeye also aims to expand its presence in the Corpus Christi market.
The company recently revamped its Buckeye Texas Partners terminal, which is situated along the ship channel in the Port of Corpus Christi. The modifications have expanded Buckeye’s marine terminalling capabilities.
