US-based energy company, Phillips 66 has formed a joint venture (JV) with Trafigura Group have to build a US offshore deepwater port project in Texas.
The JV named a Bluewater Texas Terminal will develop the project which will be located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi.
Phillips 66 will be responsible for the construction of the project, which will comprise approximately two single point mooring buoys capable which can be fully loading Very Large Crude Carriers (VLCCs) to export crude oil.
Both the companies are working to get permits for the project
Subject to permit approval and customer volume commitments, the owners of the JV are expecting to make a final investment decision later this year.
The energy company said that Trafigura has also withdrawn its application to develop the Texas Gulf Terminals deepwater port facility.
The joint venture will combine Trafigura’s expertise in exporting and marketing crude oil in US, and Phillips 66’s commercial expertise and an existing infrastructure network on the US Gulf Coast.
The Bluewater Texas joint venture will also leverage the Phillips 66’s operating experience, including the safe operation of a single point mooring buoy facility in the UK since 1971.
Trafigura sources, stores, transports and delivers a variety of raw materials that include oil and refined products and metals and minerals to clients across the world.
Furthermore, the joint venture is currently working with the Port of Corpus Christi Authority for the development of the project. It is expected to provide a safe and environmentally sustainable infrastructure to export the crude oil to global markets while benefitting the regional economy.
