Corpus Christi Reaches Key Milestones for Harbor Island VLCC Terminal
The Port of Corpus Christi Authority (Port) today announced several milestones in the development of the previously announced crude oil export terminal (Terminal) on Harbor Island, Texas.
Corpus Christi-based Lone Star Ports, LLC (Lone Star Ports) will lead the development of the Terminal, the first U.S. onshore export terminal servicing fully-laden Very Large Crude Carriers (VLCCs), furthering the Port's position as a global crude oil export hub. Lone Star Ports is a joint venture between The Carlyle Group and The Berry Group (Berry). Berry is the largest private employer in the Corpus Christi area through its numerous investments and operations in the oil and gas industry and its subsidiary Bay Ltd., a Corpus Christi-headquartered infrastructure, construction, and fabrication contractor for the oil and gas sector. The Berry Group is led by directors Marvin Berry, Dennis Berry, and Lawrence Berry.
Lone Star Ports is led by Chief Executive Officer Jeremiah "Jerry" Ashcroft III. Ashcroft has led the development of several large marine terminals, including the development and operations of BORCO and Hovensa/Limetree Bay. Most recently, Ashcroft served as President and CEO of EQT Midstream, which included three separate publicly-traded midstream platforms with a combined market capitalization of $11 billion. Ashcroft also served as CEO of Gulf Oil L.P. and President of three business units for Buckeye Partners, L.P. He began his energy career with Colonial Pipeline Company. Ashcroft is a graduate of the United States Naval Academy and served in the U.S. Marine Corps for 10 years.
Lone Star Ports has signed indicative agreements with Harvest Midstream and EPIC Crude Pipeline, which is backed by funds affiliated with Ares Management. These two pipelines will provide connectivity to more than one million barrels per day (mmbbls/d) of crude oil from the Permian and Eagle Ford basins in Texas. Lone Star Ports also entered into an indicative agreement with Martin Midstream Partners L.P. (Martin) for Martin to work with Lone Star Ports to provide a single, integrated VLCC solution on Harbor Island.
These agreements and arrangements remain subject to definitive documentation among the relevant parties, coordination with the Port, satisfactory completion of due diligence and final approval by each relevant party.
"Our partnership with the Carlyle Group is designed to assure global energy markets that requisite infrastructure will be in place and ready to support the growing exports of American crude oil. We are pleased with the progress The Carlyle Group has achieved thus far in reaching full project commercialization," said Sean Strawbridge, Chief Executive Officer of the Port of Corpus Christi.
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