Phillips 66, Trafigura form JV to develop deepwater port

Phillips 66 and Trafigura Group Pte. Ltd. have formed a 50-50 joint venture, Bluewater Texas Terminal LLC, to develop an offshore deepwater port project 21 nautical miles east of the entrance to the Port of Corpus Christi, Tex.

Phillips 66 submitted its application to Maritime Administration (MARAD) for a Deepwater Port License under the Bluewater Texas franchise in mid-2019.

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 in the permitting stage and a final investment decision is expected later this year, pending permit approval and customer volume commitments that support economic return thresholds.

Trafigura has withdrawn its application to develop the Texas Gulf Terminals deepwater port facility near Padre Island National Seashore that was submitted to the United States Maritime Administration (MARAD) in July 2018.