Pin Oak Corpus Christi has completed the acquisition of Gravity Midstream Corpus Christi.
The owners of Pin Oak Terminals, Dauphine Midstream and Mercuria Energy Group provided equity financing for the transaction.
Dauphine and Mercuria also recently commissioned a new storage terminal – Pin Oak Terminals – in Louisiana, which has approximately four million barrels of contracted capacity.
Pin Oak Corpus Christi has 737,500 barrels of storage, pipeline connections into nearby refineries, a crude processing unit, a polymer modified asphalt plant, rail loading and unloading facilities, a truck rack and access to Aframax and barge docks.
There are also long-term contracts in place to significantly expand the terminal's operations.
Craig Peus, CEO of Gravity Midstream, says: 'The team at Corpus Christi is excited to be joining the Pin oak family and partnering with investors who are dedicated to taking the terminal to the next level by expanding the terminal's operations and building a strategic hub in Corpus Christi.'
Harris Ziskroit, chief investment officer at Dauphine, adds: 'The site is optimally located and has tremendous potential to become one of the only multi-modal terminal facilities in Corpus Christi, offering a wide array of service offerings to move, store and process petroleum products.'
A global storage hub networkOil price 'collapse' brings 2018 to a close A different energy system The economics of IMO 2020 Are energy companies prepared for a demand driven petrochemical market IFLEXX: standardised data communication in the downstream oil and gas sector Growing to meet Ghana's midstream needs Bridging Africa's infrastructure gap The storage outlook Safety at the touch of a button