Sentinel latest to plan US oil export terminal

Feb 15 2019


Sentinel Midstream has become the latest to join the race to build a crude export terminal off the US Gulf Coast.

The company has announced plans to develop a facility off Freeport, Texas able to fully load a large tanker in 24 hours.

This announcement follows seven other proposed crude export terminals vying to build a facility capable of loading VLCCs without relying on reverse lightering that adds several days to a loading schedule, according to Reuters.

Some executives, traders and analysts said they believe not every proposed terminal project will get built.

Sentinel’s project would include an onshore terminal with 18 mill barrels of storage capacity, an offshore pipeline, platform and single-point mooring buoys to load VLCCs at a rate of 85,000 barrels per hour.

The company claimed it has financial backing from Dallas private equity firm, Cresta Fund Management.

 



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