The Port of Corpus Christi Authority has reached several milestones in the development of the previously announced crude oil export terminal on Harbor Island, Texas.
Corpus Christi-based Lone Star Ports LLC will lead the development of the terminal, the first U.S. onshore export terminal servicing fully-laden Very Large Crude Carriers (VLCCs), furthering the port's position as a global crude oil export hub. Lone Star Ports is a joint venture between The Carlyle Group and The Berry Group.
Lone Star Ports has signed indicative agreements with Harvest Midstream and EPIC Crude Pipeline, backed by funds affiliated with Ares Management. These two pipelines will provide connectivity to more than 1 million barrels per day of crude oil from the Permian and Eagle Ford basins in Texas. Lone Star Ports also entered into an indicative agreement with Martin Midstream Partners LP for Martin Midstream Partners to work with Lone Star Ports to provide a single, integrated VLCC solution on Harbor Island.
These agreements and arrangements remain subject to definitive documentation among the relevant parties, coordination with the port, satisfactory completion of due diligence and final approval by each relevant party.
"Our partnership with The Carlyle Group is designed to assure global energy markets that requisite infrastructure will be in place and ready to support the growing exports of American crude oil. We are pleased with the progress The Carlyle Group has achieved thus far in reaching full project commercialization," said Sean Strawbridge, CEO of the Port of Corpus Christi.
For more information, visit www. portofcc.com or call (800) 580-7110.
