The two parties will engage in development of a state of the art crude oil terminal located in the Port of Corpus Christi
Harvest Pipeline Company, an affiliate of Hilcorp Energy Company, has signed an agreement with Vitol Inc. to explore joint development of a state of the art crude oil terminal which will be located in the Port of Corpus Christi. This is in response to increased demand for crude transportation from South Texas and the Permian Basin.
Sean Kolassa, President Harvest Pipeline Company, said “The agreement between Harvest Pipeline Company and Vitol is an extraordinary opportunity to help satisfy the growing need for export capacity along the Texas Gulf Coast. We are excited for the project to begin moving forward.”
By providing Eagle Ford barrels a new terminal connection from the Harvest Midway junction, this project will complement Harvest’s existing South Texas business, in addition to providing a new waterborne outlet for the growing number of Permian barrels that are seeking access to international markets.
“Crude demand, particularly in emerging markets, continues to grow and U.S. shale has an important role to play in satisfying this demand,” said Mark Couling head of Crude Oil for Vitol. “Our new pipeline and terminal will facilitate the efficient delivery of U.S. crude to global markets, thereby increasing marketing opportunities and optimizing value for U.S. producers.”
Agreement for the location of the terminal development and dock access has been reached by both parties, with the Port of Corpus Christi, while the option of constructing a private dock for the parties’ sole use at the fuel terminal facility is being reviewed by both partners. PWKD19122017