Phillips 66 has formed a 50/50 join venture with Trafigura Group Pte. Ltd to develop an offshore deepwater port project about 21 miles east of the entrance to the Port of Corpus Christi, Texas.
Called the Bluewater Texas Terminal LLC, the port will be constructed by Phillips 66 and consist of up to two single point mooring buoys capable of fully loading Very Large Crude Carriers 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Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration in July 2018.
Trafigura is considered a leading exporter and marketer of crude oil in the U.S. and has operated a single point mooring buoy in the United Kingdom since 1971.