August 5, 2010 [Oiltanking] - Oiltanking Port Neches LLC, a wholly owned subsidiary of Oiltanking Holding Americas, Inc., announced a term lease agreement with Motiva Enterprises LLC whereby Oiltanking will lease and operate Motiva’s Port Neches marine terminal in Southeast Texas, effective August 1, 2010.
As part of the lease, Oiltanking will upgrade the existing assets at the terminal and build 600,000 barrels of new tank capacity. The upgrades to the existing 1.5 million barrels of tanks and new tanks will enable Oiltanking to receive and ship in excess of 300,000 barrels per day for Motiva’s expanded Port Arthur refinery. “With Port Neches, Oiltanking adds a second terminal in Southeast Texas to the existing Oiltanking Beaumont terminal and a fifth terminal in the United States”, said Kim Ivy, terminal manager of Oiltanking Port Neches. “Oiltanking looks forward to providing Motiva and the Port Arthur refinery with the crude logistics it will need for the expanded refinery.”
