EPIC Crude pipeline commences crude oil deliveries to Corpus Christi, Texas
EPIC Crude has successfully commissioned its 30-inch permanent crude oil pipeline, with the first deliveries of crude oil made from the Permian Basin to the market in Corpus Christi, Texas, US.
With the start of deliveries through this new pipeline, the company has now ceased interim service deliveries from the 24-inch EPIC Y-Grade pipeline. The new infrastructure extends from EPIC’s Crane terminal to Robstown in Texas, and has an initial capacity of around 600,000 barrels per day of oil.
Full service is expected to begin on 1 April 2020; the pipeline currently has 2.3 million barrels of operational storage, which will increase to a total of 5.4 million barrels by 1 April.
Further construction activities related to the new pipeline will focus on installing an additional 2.1 million barrels of operational storage, bring the total to 7.5 million barrels, in addition to completing the East Dock that is expected to be operational in the second half of this year. The East Dock will enable Suezmax vessels to be loaded with crude oil.
The West Dock, which is adjacent to the East Dock, commenced loading operations in December 2019. The commissioning of the new 30-inch pipeline coincided with the start of the clean out process and transition of the 24-inch Y-Grade pipeline back to natural gas liquids service.
“EPIC’s ability to provide crude oil transport out of the Permian Basin and into the Corpus Christi market highlights the strategic value of our assets,” said Phil Mezey, CEO of EPIC. “I would like to thank our employees, customers and contractors who have enabled us to provide this vital service and I also want to commend those who worked on the line over the past eight months for their attention to and focus on safety.”
The company also announced that it has closed on a $100 million (€91.4 million) incremental upsize of its existing Term Loan B, bring the total loan to $1.1 billion (€1 billion) and closed on a new $75 million (€68.6 million) Term Loan C.
With the start of deliveries through this new pipeline, the company has now ceased interim service deliveries from the 24-inch EPIC Y-Grade pipeline. The new infrastructure extends from EPIC’s Crane terminal to Robstown in Texas, and has an initial capacity of around 600,000 barrels per day of oil.
Full service is expected to begin on 1 April 2020; the pipeline currently has 2.3 million barrels of operational storage, which will increase to a total of 5.4 million barrels by 1 April.
Further construction activities related to the new pipeline will focus on installing an additional 2.1 million barrels of operational storage, bring the total to 7.5 million barrels, in addition to completing the East Dock that is expected to be operational in the second half of this year. The East Dock will enable Suezmax vessels to be loaded with crude oil.
The West Dock, which is adjacent to the East Dock, commenced loading operations in December 2019. The commissioning of the new 30-inch pipeline coincided with the start of the clean out process and transition of the 24-inch Y-Grade pipeline back to natural gas liquids service.
“EPIC’s ability to provide crude oil transport out of the Permian Basin and into the Corpus Christi market highlights the strategic value of our assets,” said Phil Mezey, CEO of EPIC. “I would like to thank our employees, customers and contractors who have enabled us to provide this vital service and I also want to commend those who worked on the line over the past eight months for their attention to and focus on safety.”
The company also announced that it has closed on a $100 million (€91.4 million) incremental upsize of its existing Term Loan B, bring the total loan to $1.1 billion (€1 billion) and closed on a new $75 million (€68.6 million) Term Loan C.
