Pin Oak has announced the execution of a ten-year agreement for Suezmax vessels with the Port of Corpus Christi.
The exclusive use agreement at Public Oil Dock 14 includes extension options, which could extend the deal for another ten-years.
In addition to Suezmax vessels, Pin Oak will be able to efficiently load and unload Aframax, Panamax and other smaller vessels and barges.
This agreement follows the start of construction works on Pin Oak's nine pipelines crossing under the Corpus Christi Ship Channel, eight of which will connect to the dock. The dock is designed to load product at a minimum rate of 40,000 barrels per hour, and it will include three 12-inch diameter purpose-built loading arms to efficiently load crude oil onto Suezmax vessels.
Pin Oak currently has contracted more than two million barrels of crude oil storage, supported by long-term, third-party contract, with the ability to expand its capacity on an as-needed basis.
C. Mike Reed, CEO of Pin Oak Holdings, says: 'The Port of Corpus Christi constructed oil dock 14 in 2016 and we applaud their vision to invest in the necessary dock capacity to facilitate the expeditious flow of crude oil and products to domestic and global markets. We believe speed-to-market is imperative for our customers, and we are aligned with the Port of Corpus Christi to be ready for oil by the third quarter of 2019.'
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