Phillips 66 and Trafigura Form Joint Venture to Develop Deepwater Port
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) and Trafigura Group Pte. Ltd announce they have formed a 50/50 joint venture, Bluewater Texas Terminal LLC (“Bluewater Texas”), to develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi.
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. The project is currently in the permitting stage. The joint venture owners expect to make a final investment decision later this year, pending permit approval and customer volume commitments that support the project meeting the owners’ economic return thresholds.
Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration (MARAD) in July 2018.
The Bluewater Texas joint venture combines the unique market position that Trafigura has built in the United States as a leading exporter and marketer of crude oil with Phillips 66’s commercial expertise, existing infrastructure network on the U.S. Gulf Coast, and proven operating experience, including the safe operation of a single point mooring buoy in the United Kingdom since 1971.
The Bluewater Texas joint venture 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 while benefitting the regional economy.
For additional information regarding commercial services at Bluewater Texas Terminal, please contact email@example.com.