Phillips 66 and Trafigura formed a 50/50 joint venture, Bluewater Texas Terminal LLC (Bluewater Texas), to develop an offshore deepwater port project, located around 21 nautical miles east of the entrance to the Port of Corpus Christi.
The project will be constructed by Phillips 66, and 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, waiting for 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Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration (MARAD) in July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 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
Phillips 66 stated.