The Port of Corpus Christi has given the green light for a long-term lease agreement, enabling Howard Energy to build a petroleum storage terminal.
The 30-year lease agreement with Maverick Terminals Corpus, a subsidiary of Howard Energy Partners, allocated 41 acres of the inner harbour to the operator.
Howard Energy plans to design, construct and operate a rail terminal, and a petroleum and petroleum products storage facility. It is intended that the facility is connected with its proposed Dos Aguilas pipeline to Monterrey, Mexico. As part of the lease agreement, the port authority will design and construct a new oil dock.
The dock facility will initially serve Mexico’s transportation fuel demand by rail, with an estimated target of at least two to three unit trains per week. Once the Dos Aguilas pipeline is permitted, constructed, and in service, significantly more volume is anticipated. The dock is targeting crude exports to international markets and will have Suez-max capability.
With the continued growth in both Eagle Ford and Permian Basin productions and growing global energy demand, particularly in Mexico, Corpus Christi is emerging as the energy port of the Americas.
Brad Bynum, Howard Energy Partners co-founder and president, says: ‘This lease marks a strategic and significant expansion of our terminal network, not only for refined products but for crude oil.’