Pin Oak Corpus Christi has started construction work on its new crude oil trading hub, including the construction of a storage facility.
The Taft Terminal will complement Pin Oak’s Corpus Christi terminal, a four million barrel storage facility with export-capable Suezmax and MR docks, due to start operations in the fourth quarter of 2019.
Construction of 1.7 million barrels of crude oil tankage at Taft Terminal has started, and there is potential to build an additional 2.8 million barrels of crude oil tankage. The terminal will have connectivity to Corpus Christi and Ingleside markets, Pin Oak Corpus Christ, including its key infrastructure and long-haul pipelines.
Additionally, the company has announced new interconnection agreements with Epic Pipeline and Red Oak Pipeline. The Epic Pipeline interconnection is capable of receiving crude oil from the Permian Basin and Eagle Ford Shale while the Red Oak Pipeline interconnection is capable of receiving crude oil from the Permian Basin, Bakken Shale, DJ Basin and Niobrara Basin.
Corey Leonard, CEO of Pin Oak, says: ‘The execution of these new pipeline interconnections and commercial commitments supports the build-out of our Taft Terminal, and creates a unique service offering. Pin Oak’s ability to receive product volumes from the most prolific basins in the US will deliver to our customer’s unparalleled optionality and access to both domestic and international markets alike, further facilitating essential diversification for US producers.
‘Our activities at Pin Oak’s Taft Terminal only add to the economic growth for the local economy in and around Corpus Christi.’