Texas Deepwater Oil Terminal Achieves VLCC Milestone
Buckeye Partners, L.P. (NYSE: BPL) reported Wednesday that crude oil export operations have begun at the second deepwater dock at its South Texas Gateway (STG) Terminal, which sits at the mouth of the Corpus Christi Ship Channel.
The company pointed out in a written statement emailed to Rigzone that the new dock enables the Ingleside, Texas, facility to accommodate the berthing and loading of two vessels simultaneously. Moreover, it stated that STG has loaded its first very large crude carrier (VLCC) tanker with crude oil for export.
“We are very excited to have achieved these important milestones at our new facility, enhancing STG’s and Buckeye’s ability to serve global energy markets,” remarked Buckeye Partners President and CEO Clark C. Smith. “STG’s new terminal, alongside our nearby Buckeye Texas Partners facility, will be instrumental in providing our customers with cutting-edge logistics solutions and in reinforcing the role of the Port of Corpus Christi as a top export location for U.S. energy producers.”
With the exception of final construction of storage facilities that will conclude during the first quarter of 2021, STG’s marine facilities are now fully operational and can safely and efficiency load up to VLCC-sized vessels, Buckeye stated. Upon completion, STG will boast 8.6 million barrels of petroleum products storage capacity – expandable to 10 million barrels – and throughput capacity of up to 800,000 barrels per day via its two deepwater docks, the company added.
“The completion of the second dock and loading of its first VLCC cargo at the STG Terminal are significant milestones for Buckeye and the Port of Corpus Christi,” commented Sean Strawbridge, the port’s CEO. “As Texas moves into the next phase of economic recovery from the COVID-19 pandemic, partnerships like those between the Port of Corpus Christi and its customers such as STG are critical to the continuance of American leadership in the global energy marketplace.”
Buckeye Partners owns a 50-percent stake in STG and operates the joint venture. Its co-venturers, each of which holds a 25-percent interest, include Phillips 66 Partners LP (NYSE: PSXP) and Marathon Petroleum Corp. (NYSE: MPC).
As Rigzone reported this past summer, crude oil export operations began in July at the first STG dock.
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