Reuters states that the company's decision is due to seven additional proposals for the development of VLCC-loading facilities on the Gulf coast. Some analysts and executives believe not all proposed terminals would be built.
In addition, Texas GulfLink is to include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.
Projected export loading rates will be up to 85.000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.
Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast.
... Sentinel Midstream president and CEO, Jeff Ballard, stated.
In the past, Sentinel Midstream developed Texas GulfLink in collaboration with various stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the United States Maritime Administration (MARAD).
Finally, the project financing is being provided by Cresta Fund Management, according to the company.