Once the terminal becomes operational

Private equity firm Carlyle Group and the Port of Corpus Christi Authority have signed an agreement to develop a crude oil export terminal on Harbor Island in the US.

The proposed terminal will provide US crude oil producers access to global markets.

It is claimed that the terminal will become the first onshore location in the US capable of servicing fully laden very large crude carriers (VLCCs). The vessels have the capacity to transport up to two million barrels of oil.

“In partnering with such an experienced and well-capitalised firm as The Carlyle Group, the market should take notice and have a high degree of confidence of this project’s success.”

Anticipated to become operational in 2020, the terminal would include the development of at least two loading docks on Harbor Island. The companies will also develop crude oil tank storage inland across Redfish Bay on land secured by Carlyle.

According to the agreement, the Port and Carlyle will jointly work with oil producers, marketers, pipeline operators and marine terminal operators to ensure global market access for the new oil production in Texas.

Carlyle will handle the construction and ongoing operations of the terminal. In addition, the company will arrange private funding for a dredging project to bring fully loaded VLCCs to Harbor Island.

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Port of Corpus Christi CEO Sean Strawbridge said: “A project of this magnitude further underscores the vital role the Port of Corpus Christi plays in the global energy markets and as an important economic generator for the great state of Texas.

“In partnering with such an experienced and well-capitalised firm as The Carlyle Group, the market should take notice and have a high degree of confidence of this project’s success.”

The development of the terminal is conditional on agreement on definitive documentation between the parties, due diligence and final approval from Carlyle’s investment committee.

Located on the western Gulf of Mexico, Port of Corpus has a 36-mile, 47ft-deep channel.