This transaction will provide the necessary area to develop Oiltanking’s Texas Independent Deepwater Expansion (TIDE) terminal. During the initial phase of development, construction of a finger pier will begin with two deep-water docks up to 14 m draft (45 ft). The new terminal has ample ready-to-build land available to construct over 1.6 million m3 (10 million bbls) of storage, pipeline interconnectivity 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 a viable export/import/blending hub alternative in the Houston market by creating a premier logistics platform with significant flexibility and optionality. The TIDE terminal is in close proximity to Oiltanking’s existing Texas City terminal, which offers sophisticated infrastructure with approximately 550 000 m3 (3.5 million bbls) of liquid petroleum products, renewables, chemicals and gas storage capacity. The Texas City terminal has rail and truck capability and has two docks for vessels with up to 12 m (40 ft) draft and eight barge docks.
The development of the TIDE terminal fits perfectly with the Oiltanking strategy to offer excellent terminal services in key petroleum and chemical markets in North America. The port of Texas City is home to a vast refinery market and several chemical companies. The short sailing time to open water and uncongested marine traffic position makes the port a highly valuable player in the Houston market.
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