LBC Tank Terminals and Magellan Midstream Partners are increasing crude oil and condensate storage & dock capabilities at Seabrook Logistics in the Houston Gulf Coast.
Seabrook Logistics, owned equally by subsidiaries of Magellan and LBC, plans to construct nearly 111,000 m3 of additional crude oil and condensate storage in Seabrook, Texas as well as develop a new Suezmax dock with up to a 45-foot draft and 400,000 barrels per day of dock capacity.
Once the $120 million expansion is complete, Seabrook will own 490,000 m3 of storage, deep water access through and Aframax dock and Suezmax dock and connectivity to Magellan’s Houston crude oil distribution system.
It is expected to be operational by late 2019.
Michael Mears, Magellan’s CEO, says: ‘With increased crude oil production in the Permian Basin and other prolific regions, demand for crude oil storage and export capabilities continues to grow in the Houston Gulf Coast area.’
‘With the expansion of the Panama Canal and the growing role of the US in increased flows of oil, this is an important development for our project and for the success of our customers,’ says John Grimes, LBC’s group COO.
Export capabilities recently commenced for Seabrook Logistics, which currently operates 380,000 m3 of crude oil and condensate storage.