Tristar Group has acquired a 300,000-barrel crude oil terminal located within the Louisiana Offshore Oil Port.
The Canal Crude Oil Terminal has 18 tanks on a 50-acre site with a loading capability of 3,000 to 4,000 barrels per hour.
LOOP, a deep-water port in the Gulf of Mexico off the coast of Louisiana, is the only mainland port capable of offloading a wide range of vessels, including ULCCs and VLCCs.
Eugene Mayne, Tristar Group CEO, says: 'This is a strategic investment that will not only complement Tristar's fuel farm business but also position Tristar for an entry into the lucrative shale oil industry in the US.
'This is the first small step in our endeavour to enter and be a player in the US shale industry and I am confident that we will develop and grow this facility to be a major export terminal for US crude.'
US oil production rose from 5.5 million barrels to 10 million barrels per day between 2010 and 2017. By mid-2018 US crude oil exports reached 3 million barrels a day.
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