Corpus Christi Authority Port Authority has announced several milestones in the development of the crude oil export terminal on Harbor Island, Texas.
Locally-based Lone Star Ports will lead the development of the terminal, claimed to be the first US onshore export terminal able to handle fully-laden VLCCs.
Lone Star is a joint venture between The Carlyle Group and The Berry Group. Berry is the largest private employer in the Corpus Christi area through its numerous investments and operations in the oil and gas industry and its subsidiary Bay Ltd, a Corpus Christi-based infrastructure, construction, and fabrication contractor for the oil and gas sector.
Lone Star Ports is led by CEO Jeremiah "Jerry" Ashcroft III who has been responsible for the development of several large marine terminals.
The company has signed indicative agreements with Harvest Midstream and EPIC Crude Pipeline, which is backed by funds affiliated with Ares Management. These two pipelines will provide connectivity to more than one million barrels per day.
It also entered into an indicative agreement with Martin Midstream Partners to provide a single, integrated VLCC solution on Harbor Island.
These agreements and arrangements still remain subject to definitive documentation among the relevant parties, co-ordination 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 commercialisation," said Sean Strawbridge, Port of Corpus Christi CEO.