The Port of Corpus Christi entered into an agreement with Carlyle to develop a crude oil export terminal on Harbor Island, to connect the increasing crude oil production in the US with global markets. The terminal will be the first onshore location in the US able of providing export service to fully-laden VLCCs.
VLCC access at the Port of Corpus Christi will open the global markets for US oil producers, pipelines, their supply chains and customers, leading to a $50 billion annual reduction to the national trade deficit.
Carlyle will lead the construction and ongoing operations of the terminal and it will also arrange for a private funding solution for a dredging project to bring fully-laden VLCCs to Harbor Island. The depth at the channel will reach at least 75-foot.
The terminal is expected to be operational in late 2020 and it will include also at least two loading docks on Harbor Island, along withcrude oil tank storage inland across Redfish Bay on land.
The terminal is now subject to agreement on definitive documentation between the parties, satisfactory completion of due diligence and final approval from Carlyle’s investment committee.
