Phillips 66 and Trafigura have formed a joint venture to develop an offshore deepwater port capable of fully loading Very Large Crude Carriers off the Port of Corpus Christi, Texas.
The offshore port will consist of up to two single point mooring (SPM) buoys located approximately 21 miles offshore to export crude oil.
The joint venture, named Bluewater Texas Terminal LLC, is a 50-50 joint venture between the two companies.
Phillips 66 submitted its application to Maritime Administration (MARAD) for a Deepwater Port License under the Bluewater Texas name in mid-2019.
Trafigura, meanwhile, previously withdrew its own application which it submitted in mid-2018 to the U.S. Department of Transportation for a MARAD license to develop an offshore terminal named “Texas Gulf Terminals” near the Padre Island National Seashore. The review was ultimately suspended after MARAD and the U.S. Coast Guard requested additional information.
“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,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi.