• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 min Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 2 hours The Inconvenient Truth Of Electric Cars
  • 3 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 9 hours California and Oil
  • 2 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 12 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 8 hours The Plastics Problem
  • 11 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 6 hours Hydrogen FTW... Some Day
  • 3 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 2 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 4 hours Oil Demand Needs to Halve: Equinor
  • 2 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 21 hours Solar Panels at 26 cents per watt
  • 23 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
Are Oil Prices About To Bounce Back?

Are Oil Prices About To Bounce Back?

Money managers have gotten increasingly…

Two Events That Will Determine Oil Prices

Two Events That Will Determine Oil Prices

The next couple of weeks,…

Carlyle Firm To Seek Fast-Track Approval Of Texas Oil Export Terminal

VLCC

Lone Star Ports LLC, backed by Carlyle Group, will be seeking a faster-track approval from the U.S. Administration for its project to build the first U.S. onshore export terminal capable of servicing supertankers on an island near Corpus Christi, officials tell Reuters.

Lone Star Ports plans to build the terminal on the Harbor Island as U.S. oil production continues to grow, while current oil export infrastructure is insufficient to handle growing crude exports. The planned terminal will be able to service full-laden Very Large Crude Carriers (VLCC)—the so-called supertankers with the ability to carry up to 2 million barrels of crude oil each.

Lone Star Ports plans to file documents this week with the Federal Permitting Improvement Steering Council (FPISC), asking to join a list of infrastructure projects that could be fast-tracked through local, state, and federal reviews.

The U.S. Army Corps of Engineers (USACE) has recommended an environmental impact assessment review of the project, which could take two years or more. Carlyle has been hoping to be able to proceed with the project after a shorter review, or environmental assessment, which could take less than a year.

“To have clarity on timing is extremely helpful for us,” Jeremiah “Jerry” Ashcroft, CEO at Lone Star Ports, told Reuters, adding that if the project were added to priority infrastructure projects, the dredging of the ship channel is more likely to move forward.

Related: On The Cusp Of War: Why Iran Won’t Fold

Lone Star Ports and Carlyle are yet to make a final investment decision on the export terminal project.

In March this year, the Port of Corpus Christi Commission approved a 50-year lease agreement with Lone Star Ports for around 200 acres on Harbor Island to develop the oil export terminal. The previous month, the U.S. Army Corps of Engineers (USACE) had awarded the first dredging contract for the Corpus Christi Ship Channel Improvement Project to deepen the channel to a depth of 56’ from the Channel entrance to Harbor Island, and a planned depth of 54’ throughout the rest of the harbor.

The ability to handle supertankers is expected to be a key asset for any future export terminal, considering that U.S. crude oil exports have been steadily growing in recent months.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News