The Carlyle Group and the Port of Corpus Christi have agreed to build a major crude oil export terminal on Harbour Island.
The facility will create the first onshore location in the US Gulf capable of servicing fully-laden VLCCs and it will connect growing crude oil production in the US with global markets
VLCC access at the Port of Corpus Christi will open the global markets for US oil producers, pipelines, their supply chains and customers. As part of the agreement, the port will work exclusively with Carlyle to bring together world-class oil producers, marketers, pipeline operators and marine terminal operators to ensure a significant portion of the new oil production in Texas will have a reliable gateway to international markets.
Carlyle will lead the construction and operations of the terminal on an exclusive basis. It will also arrange for a private funding solution for a dredging project to bring fully-laden VLCCs to Harbour Island.
The terminal, which will include the development of at least two loading docks as well as crude oil tank storage inland across Redfish Bay, is expected to be operation in late 2020.
Sean Strawbridge, CEO of Port of Corpus Christi, says: 'A project of this magnitude further underscores the vital role the Port of Corpus Christi plays in the global energy markets and as an important economic generator for the great state of Texas.'
'Corpus Christi is certainly where the incremental barrels want to go as we have deep water, availability of land for development and plenty of capacity to absorb the forecasted US energy production growth in oil and gas,' adds Charlie Zahn, chairman of the Port of Corpus Christi.