NuStar Makes $400 Million Bet on Export Growth at Port of Corpus Christi
11.22.2019 By Greta Talmaci - NEWS

November 25, 2019 [Chron] – San Antonio pipeline operator NuStar Energy is making a $400 million bet on the Port of Corpus Christi.

 
In an investors presentation filed with the U.S. Securities and Exchange Commission on Wednesday, the company laid its capital expenditure budget for next year.

NuStar exited Europe last November and the Caribbean in July, pocketing about $500 million in cash. The company, the presentation shows, is investing the lion’s share of that money into projects that will grow the company’s business.

Three projects worth a combined $410 million involve the Port of Corpus Christi.

NuStar plans to invest $160 million to expand its Permian Basin crude oil gathering pipeline network. NuStar’s West Texas system will connect to three Corpus Christi-bound transmission pipelines — the EPIC Pipeline, Cactus II Pipeline and Gray Oak Pipeline.

The company has invested another $105 million to expand and improve its docks at the Port of Corpus Christi, allowing supertankers to load up larger export shipments.

Capitalizing on three refineries at the port, NuStar has invested another $145 million to expand capacity of its Mexico-bound refined products pipelines, which will boost volumes of gasoline, diesel and other products delivered to customers south of the border.

Founded in 2001 and headquartered in San Antonio, NuStar Energy has more than 1,500 employees across the United States, Canada and Mexico.

With 9,900 miles of pipeline and more than 70 million barrels of storage capacity, the company reported making $206 million of net income on $1.96 billion of revenue in 2018.

 

————-

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

EIG’S Mid Ocean Energy Completes Acquistion of Tokyo Gas Intrests in Portfolio of Australian Integrated LNG Projects
03.29.2024 - NEWS
March 29, 2024 [Storage Terminal]- MidOcean Energy, under the stewardship of EIG, has completed t... Read More
Vitol Completes First Delivery of B30 Biofuel Blend in Singapore
03.29.2024 - NEWS
March 29, 2024 [Tank Storage]- Vitol Bunkers has completed the first delivery of B30 biofuel blen... Read More
BWC Terminals CEO Mike Suder Announces Retirement, President and COO Adam Smith Appointed Successor
03.29.2024 - NEWS
March 29, 2024 [BWC Terminal]-BWC Terminals, a provider of bulk liquid storage and logistics serv... Read More
SABIC Fujian Petrochemicals Co., Ltd. Proceeds with Large-Scale Ethylene Project Integrating Multiple Lummus Technologies and Services
03.29.2024 - NEWS
March 29, 2024 [Lummus Technology]- Lummus Technology, a global provider of process technologies ... Read More