This transaction will provide the necessary area to develop Oiltanking’s Texas Independent Deepwater Expansion (TIDE) terminal, the company explained.
During the initial phase of development, construction of a finger pier will begin with two deepwater berths of up to 14 m draft. The new terminal has ready-to-build land available to construct over 1.6 mill cu m of storage, pipelines and additional jetties, as needed, for crude oil, petroleum and gas products in the Houston market.
Upon completion of the initial development phase, the terminal will form an export/import/blending hub alternative in the Houston market by creating a logistics platform with significant flexibility and optionality, Oiltanking claimed.
The TIDE terminal is close to Oiltanking’s existing Texas City terminal, which offers around 550,000 cu m of liquid petroleum products,
renewables, chemicals and gas storage capacity. This terminal has rail and truck facilities and has two berths for vessels with up to 12 m draft, plus eight barge docks.
Texas City is home to a large refinery market and several chemical companies. It is also a short sailing time to the sea and the uncongested marine traffic position makes the port a highly valuable player in the Houston market, Oiltanking said.