Phillips 66 and Trafigura Group have formed a 50-50 joint venture, Bluewater Texas Terminal, to develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi, Texas.
The proposed project, to be constructed by Phillips 66, 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, pending 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Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration (MARAD) in July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 combines the unique market position that Trafigura has built in
