NuStar bolsters services at Port Corpus Christi with $93-MM acquisition
CORPUS CHRISTI, Texas – In an asset purchase, which closed Dec. 21, NuStar Energy L.P. added throughput capacity at its Port of Corpus Christi facilities, now capable of handling over 200 million barrels annually. Included in the $93 million transaction are marine terminal dock assets, additional tank storage with shell capacity of 900,000 barrels of crude and 250,000 barrels of refined products, and other assets located in the North Beach area of the Port of Corpus Christi.
Named the NuStar Energy North Beach Terminal, the facility will now connect to the Port of Corpus Christi’s newest Oil Dock 15 with a design draft of 52 feet, allowing for Suez-Max sized vessels once the main channel has been deepened.
The Port of Corpus Christi Authority has embarked on a 10-year, $1 billion capital investment program, led by the deepening and widening of the Corpus Christi Ship Channel to +52 feet deep and 530 feet wide. This project was recently bolstered by Congressional passage of the Water Infrastructure Improvements Act of the Nation (WIIN).
NuStar’s acquisition of these marine terminal assets at the Port of Corpus Christi further expands NuStar’s capabilities with connections to Permian and Eagle Ford crude oil and condensate production via pipeline connections, a six-bay truck receiving terminal, and now three deep water docks and an inter-coastal barge dock.
“NuStar Energy continues to be a stalwart investor in facilities at Port Corpus Christi. We have garnered a robust relationship with the folks at NuStar, and NuStar Energy is a great partner for our region. Not only are they investing capital in infrastructure at our port, but they are great partners of the port in giving back to our community,” said Charles W. Zahn, Jr., Port Corpus Christi Commission Chair.
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