Phillips 66 and Trafigura Group have formed a joint venture to develop an offshore deepwater port project located 21 miles east of the entrance to the Port of Corpus Christi.
Bluewater Texas Terminal, to be constructed by Phillips 66, will consist of up to two single point mooring buoys capable of fully loading VLCCs to export crude oil. The project is currently in the permitting stage.
The joint venture owners expect to make a final investment decision later this year, pending permit approval and customer volume commitments that support the project meeting the owners’ economic return threshold.
Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration in July 2018.
The Bluewater Texas joint venture combines the unique market position that Trafigura has build in the US as a leading exporter and marketer of crude oil with Phillips 66’s commercial expertise, existing infrastructure network on the US Gulf Coast, and proven operating experience, including the safe operation of a single port mooring buoy in the UK since 1971.
The joint venture is working with the Port of Corpus Christi Authority to provide a safe and environmentally sustainable infrastructure for the export of crude oil to global markets while benefitting the regional economy.