NuStar Energy L.P. has closed on the purchase of crude oil and refined product terminal assets in Corpus Christi, Texas from Martin Midstream Partners for $93 million. The deal includes 12 storage tanks, a dock, and other assets.
With the addition of the terminal, which is adjacent to NuStar’s existing North Beach Terminal, NuStar now has over 3.6 million barrels of total storage in the Port of Corpus Christi, including 3.1 million barrels of crude oil storage and 577,000 barrels of refined product storage.
The terminal NuStar is acquiring includes 1.15 million barrels of total storage, which is comprised of 900,000 barrels of crude oil storage and 250,000 barrels of refined product storage. The terminal has direct connectivity to Eagle Ford crude oil production and receives crude oil and condensate via its connection to the Harvest Pipeline and through its six-bay truck rack. The terminal has access to two of the port’s deep-water crude oil docks, including exclusive use of the port’s new crude oil dock, and a barge dock. The terminal is located on 25 acres and has room for further expansion.
“This acquisition further strengthens NuStar’s position as one of the top logistics players in the Corpus Christi region, which has long been a strategic hub for us,” said NuStar President and CEO Brad Barron in a press release. “We now have access to a new pipeline and new customers, and greater connectivity to domestic and international crude oil and refined products markets and an existing customer has expressed interest in increasing volumes and the length of our contract with them thanks to the increased dock space and capacity we now have.
“We are also fortunate to bring aboard a strong workforce at the terminal, and we are working with them to quickly integrate the terminal into our system so that we can take advantage of the many operational synergies between the terminal and our existing operations,” Barron added.
