Trafigura partners with Phillips 66 to develop deepwater oil port in US

WCN Editorial Team 2 Mar 2020 NORTH AMERICA ENERGY & UTILITIES

Global commodities trader TrafiguraTrafigura has entered into a joint venture with US-based refiner Phillips 66 to build a deepwater terminal in Texas, US to export crude oil.

To be located nearly 21 nautical miles east of the entrance to the Port of Corpus Christi, the Bluewater Texas Terminal will feature up to two single point mooring buoys that can load very large crude carriers (VLCCs).

The partners will develop the facility as a 50/50 joint venture.

Presently, the project is in the permitting stage, and a final investment decision is expected to be made by the joint venture owners this year, subject to permit approval and customer volume commitments.

The Port of Corpus Christi will work in close partnership with Bluewater Texas joint venture to support this environmentally sustainable infrastructure for the export of crude oil to global markets while benefitting the regional economy.

Port of Corpus Christi authority commission chairman Charles Zahn said: “The Port of Corpus Christi welcomes Phillips 66 and Trafigura. This project is indicative of the need for additional U.S. and Texas energy export infrastructure and we couldn’t be more thrilled by these two reputable companies joining forces.”

In July 2018, Trafigura had withdrawn its Texas gulf terminals project application submitted to the United States Maritime Administration (MARAD).

Trafigura is an exporter and marketer of crude oil in the US, and Phillips 66 has commercial expertise and an existing infrastructure network on the US Gulf Coast. It has also acquired required technical experience, having safely operating a single point mooring buoy facility in the UK since 1971.

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Trafigura forms venture with Phillips 66 for deepwater Texas oil port. (Credit: RENE RAUSCHENBERGER/Pixabay)

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