Phillips 66, Trafigura create Bluewater Texas Terminal joint venture

Phillips 66 has created a joint venture called Bluewater Texas Terminal with Trafigura Group to develop an offshore deepwater port project.

The deepwater port project, to be built by Phillips 66, will be located nearly 21 nautical miles east of the entrance to the Port of Corpus Christi.

It will comprise a couple of single point mooring buoys that can fully load very large crude carriers (VLCCs) for the export of crude oil. Currently, the deepwater port project is in the permitting stage and a final investment decision on it is expected to be taken later this year.

The final investment decision from the Bluewater Texas Terminal joint venture will be pending permit approval and securing of customer volume commitments to cover the economic return thresholds of the owners.

Trafigura pulled out its application to develop the Texas Gulf Terminals deepwater port facility that was filed with the US Maritime Administration (MARAD) in July 2018.

Phillips 66, Trafigura create Bluewater Texas Terminal joint venture. Image courtesy of Free-Photos from Pixabay.

The Bluewater Texas joint venture is said to bring together the unique market position that Trafigura has captured in the US as a major exporter and marketer of crude oil with the commercial expertise, existing infrastructure network on the US Gulf Coast, and proven operating experience of Phillips 66, including the operation of a single point mooring buoy in the UK since 1971.

The Bluewater Texas joint venture is said to be working with the Port of Corpus Christi Authority to offer a safe and environmentally sustainable infrastructure for crude oil export to global markets while providing benefits to the regional economy.