Magellan Midstream Partners says it is investing $1 billion (€750 million) into new facilities with between 60-75% of them relating to crude oil.
Previously the company announced plans worth $650 million but it also is considering further developments worth $500 million.
The company mostly focuses on storing and transporting refined products, making 90% of its operating profits from this type of petrochemical.
Magellan is connecting the booming oil production regions of the Permian Basin and the Eagle Ford Shale in the US to the Texas Gulf Coast, as it has storage facilities in Houston and Corpus Christi.
Because a large amount of oil is expected to come from these regions in the coming years, Magellan plans to build further infrastructure to accommodate these petrochemicals.
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