US-based Buckeye Partner has entered into a joint venture with Phillips 66 Partners and Andeavor to develop a new open access marine terminal in Ingleside, Texas. The participants plan to construct a South Texas Gateway Terminal on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay.
The terminal will offer 3.4 million barrels of crude oil storage capacity, connectivity to the Gray Oak pipeline and two deep-water vessel docks, built for berthing Very Large Crude Carrier (“VLCC”) petroleum tankers in the initial phase of construction. The facility can be later expanded to take up the storage capacity to over 10 million barrels of storage capacity, add multiple additional docks and several inbound pipeline connections.
Project schedule incorporates commencement of initial operations by the end of 2019. Buckeye has a 50% interest in the newly formed joint venture, while Phillips 66 Partners and Andeavor share a 25% interest between them.
Designed to serve as a premier open-access deep-water marine terminal in the Port of Corpus Christi, the South Texas Gateway Terminal will provide companies with logistics solutions that provide the region’s rapidly growing crude oil production with advanced connect to global markets. Buckeye’s partnership with two integrated energy firms in Phillips 66 Partners and Andeavor offers tremendous opportunity for future development of the terminal.
These assets will position Buckeye at the forefront of the rapidly growing US crude oil export movement. The terminal will offer waterborne shipments of crude oil and other petroleum products from the Permian and Eagle Ford shale plays strong competitive advantages.
