Trafigura, Phillips 66 Create JV to develop deep water port in Texas

METRO PLUS

Hushpuppi: US court dismisses fraud case against Nigerian, Mr Woodberry

A US court has dismissed a fraud case against a Nigerian accused of cyber-crime, Olalekan Ponle, popularly known as Mr Woodberry.

Four Police officers arrested for fleeing kidnap scene of Maku’s niece

Four police officers who failed to stop the kidnapping of Salisu Usman Maku, nephew of former information minister Labaran Maku have been arrested.

54-year-old pastor defiles girl,10, in Ogun

• Teenager remanded for alleged rape of minor • Man, 28, rapes 14-year-old girl Daud Olatunji, Abiodun...

Generator fumes kill three Delta kids, carpenter falls, dies

Three siblings have died after inhaling generator fumes in Emevor community, in the Isoko North Local Government Area of Delta State.

Police arrest 60-year-old man for defiling 9-year-old girl in Anambra

Police in Anambra State have arrested a 60-year-old man for allegedly defiling a 9-year-old girl in Nkwelle Ezunaka, near Onitsha.

PHILLIPS 66 and Trafigura Group have formed a 50/50 joint venture, Bluewater Texas Terminal, to develop an offshore deep water port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi.

As informed, the proposed project, to be constructed by Phillips 66, will consist of up to two single point mooring buoys capable of fully loading very large crude carriers (VLCCs) to export crude oil. “We salute Phillips 66 and Trafigura for agreeing to partner in a single point mooring export facility, and for recognizing the port as an integral part of the success of this ambitious yet much needed capability,” Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi, commented.

Specifically, the Bluewater Texas joint venture would combine the market position that Trafigura has built in the United States as an exporter and marketer of crude oil with Phillips 66’s commercial expertise, existing infrastructure network on the U.S. Gulf Coast, and operating experience.

The JV 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.

The project is currently in the permitting stage. The joint venture owners expect to make a final investment decision later this year, according to Trafigura. Phillips 66 submitted its application to Maritime Administration (MARAD) for a Deep water Port License under the Blue water Texas franchise in mid-2019.

Trafigura withdrew its application submitted in mid-2018 to the U.S. Department of Transportation for a MARAD Deepwater Port License to develop an offshore terminal named Texas Gulf Terminals near the Padre Island National Seashore.

The reduction in SPM projects. has occurred in other areas of the Texas coast, likely as a measure of capital discipline and market forces.

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

MOST READ

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

LATEST ARTICLES

Canada sees 2,605 new coronavirus cases as Tam warns of ‘set back’ by variants

Canada added 2,605 new cases of the novel coronavirus on Wednesday, pushing the total number of infections in the country to 834,187.

Pfizer says variant first found in South Africa could significantly reduce vaccine protection

A laboratory study suggests that the South African variant of the coronavirus may reduce antibody protection from the Pfizer Inc/BioNTech SE vaccine...

Trump calls McConnell an ‘unsmiling political hack’ in lengthy statement

Former U.S. President Donald Trump went after Senate Minority Leader Mitch McConnell on Tuesday, calling him "a dour, sullen, and unsmiling political...

U.S. storm delays Canada’s Pfizer COVID-19 vaccine shipment by 1 day

Canada’s shipment of the Pfizer-BioNTech COVID-19 vaccine will be delayed by one day due to the winter storm wreaking havoc in the...

Canada sees 51 new coronavirus deaths as total cases top 831K

Another 2,458 people in Canada have been diagnosed with the novel coronavirus, pushing the total number of confirmed cases in the country...