Buckeye Partners LP (NYSE: BPL) plans a third-quarter 2017 binding open season for its South Texas Gateway pipeline system to move crude oil from the Permian Basin to Corpus Christi, Texas.
Buckeye is engaged in several projects designed to enhance Permian takeaway capacity, including a proposed crude oil distribution system in Corpus Christi to supply local refineries and an expansion of its storage and marine terminaling assets along the Corpus Christi Ship Channel.
“We are excited to announce these projects in response to strong interest from potential customers,” said Clark C. Smith, Buckeye’s chairman, president and CEO, in a statement. “The Permian Basin is one of the most prolific oil producing areas in the world and is a natural point of connectivity to enhance our existing assets in South Texas. These assets, in turn, make Buckeye uniquely positioned to help customers maximize the value of their product.”
South Texas Gateway, with planned in-service of 2019, would deliver crude oil and condensate from Wink and Midland, Texas, to the Buckeye Texas Partners LLC refining and export facilities in Corpus Christi. The planned 24-in pipeline will have a total capacity of up to 400,000 barrels per day with multiple segregations.
Other projects announced by Buckeye include:
- The Buckeye Texas Market Center, which would enable crude oil deliveries from the Eagle Ford Shale and the Permian Basin to markets in Corpus Christi.
- Adding a fifth deep-water dock at the BTP facilities, capable of high-rate loading Suezmax-sized vessels, which would complement existing export and import capabilities.
- Expanding storage capabilities at BTP’s Corpus Christi facilities to provide dedicated storage to shippers on South Texas Gateway and to BTP terminal customers.
- Evaluating the possibility of building a long-haul NGL pipeline from the Permian to Corpus Christi.
For more information about the projects and upcoming open season, please contact Robert Harris at rharris@buckeye.com or Justin Brymer at jbrymer@buckeye.com.
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