The Port of Corpus Christi Commission has approved a 50-year lease agreement with Lone Star Ports for 200 acres to develop a petroleum export terminal.
The state-of-the-art export facility, a joint venture between the Carlyle Group and the Berry Group, will connect US crude producers with all major international markets.
The lease agreement between the Port of Corpus Christ Authority and Lone Star Port will provide significant accretive value in the port’s annual operating revenues. The facility on Harbor Island is designed to be the deepest-draft safe harbour crude export facility in the national when commissioned. Upon completion, the facility’s two docks will have access to the improved 56′ ship channel depth, making it the US’ first and only onshore terminal capable of fully loading Suezmax vessels and nearly full loading VLCCs.
Sean Strawbridge, CEO for the Port of Corpus Christi, says: ‘This long-term commitment is testament to the significance of the Corpus Christi gateway for American energy exports, which are expected to triple in the next decade.
‘A 50-year lease agreement with the Carlyle Group and the Berry Group joint venture company, Lone Star Ports, is not only complementary to our existing marine terminal infrastructure but also positions the Port of Corpus Christi to be the preferred outlet for US-produced crude exports serving all major global demand centres for generations to come.’
Civil works for this facility repurposing project have been underway for the past year ahead of finalising a definitive lease agreement, including the demolition of existing dock structure from a previous decades old Exxon crude import terminal on Harbor Island. The execution of this new lease enables the parties to start major equipment and materials procurements and other construction efforts.