Magellan Midstream Partners and Belgian firm LBC Tank Terminals have entered a joint venture to build a $95 million, 700,000-barrel crude oil terminal in Seabrook, Texas. The project will also include a pipeline to connect the terminal to an existing third-party pipeline that serves a Houston-area refinery. Magellan and LBC also agreed to use LBC’s dock for marine access to the terminal.
The facility is expected to start up in the first quarter of 2017.
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