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Trafigura forms crude oil export joint venture with Phillips 66

Commodities trading group Trafigura has formed a 50/50 joint venture with energy company Phillips 66 to develop and offshore deepwater port project in Corpus Christi, Texas.

The joint venture, known as Bluewater Texas Terminal, will develop the crude oil export project around 21 nautical miles east of the entrance to the Port of Corpus Christi.

Constructed by Phillips 66, the project will consist of up to two single mooring buoys capable of loading very large crude carriers (VLCCs) to export crude oil. The project is currently in the permitting stage, with the joint venture expecting to make a final investment decision later in 2020.

Alongside the decision to enter into a joint venture with Phillips 66, Trafigura has withdrawn its application to develop the competing Texas Gulf Terminals deepwater port facility, which was summited to the US Maritime Administration in July 2018.

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 supporting the regional economy.