Phillips 66 and Trafigura Group Pte. Ltd announced that they have formed a 50/50 joint venture, Bluewater Texas Terminal LLC, to develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi.
The proposed project, to be constructed by Phillips 66, will consist of up to two single point mooring buoys capable of fully loading Very Large Crude Carriers to export crude oil.
The Bluewater Texas joint venture combines the unique market position that Trafigura has built in the United States as an exporter and marketer of crude oil with Phillips 66’s commercial expertise, existing infrastructure network on the U.S. Gulf Coast, and proven operating experience, including the safe operation of a single point mooring buoy in the United Kingdom since 1971.
The Bluewater Texas joint venture is working with the Port of Corpus Christi Authority to provide a safe and environmentally sustainable infrastructure for the export of crude oil to global markets while benefitting the regional economy.