HomeNewsCarlyle Group to Head US Gulf Coast Crude Export Terminal Project

Carlyle Group to Head US Gulf Coast Crude Export Terminal Project

12/19/2018

HOUSTON (Reuters) – Lone Star Ports will lead development and operation of a Carlyle Group-backed crude export terminal in Corpus Christi, Texas, as new crude pipelines that will ferry an additional 2 MMbpd to the South Texas port are expected to begin operations in late 2019.

Lone Star, a recently formed joint venture between Carlyle and construction company The Berry Group, reached preliminary agreements to connect the proposed terminal, which will be able to fully load to crude pipelines owned by Hilcorp Energy Co’s Harvest Midstream and to Epic Pipeline.

Carlyle Group and the Port of Corpus Christi Authority, in October, jointly proposed building a $1 billion crude export terminal on an island controlled by the authority. The partners have said they expect to begin operations at the facility in late 2020.

There are more than six proposed terminal projects along the Texas and Louisiana coasts angling to handle exports of U.S. oil, with booming production expected to reach more than 12 MMbpd next year.

Lone Star also disclosed a deal with services provider Martin Midstream Partners LP to work together on the Corpus Christi project. When completed, the Carlyle-Port of Corpus Christi terminal will have the capacity to store 4 million barrels onshore and load 1.4 MMbpd onto tankers.

Carlyle earlier agreed to help finance dredging of the waters near the export terminal to reach a depth of 75 feet, which would allow supertankers that carry up to 2 million barrels of crude to fully load at its docks.

Related News

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}