The environmental, security and economic benefits of the TOPS project have not
changed and remain viable. By reducing the dependence on lightering, the Gulf
Coast refining complex will reduce the supply chain cost of long-haul crudes and
provide other benefits to the region. For these reasons, TOPS will continue to
develop the project with an estimated investment of 1.8 billion USD.
The TOPS project will include an offshore port, two onshore storage facilities with
approximately 5.1 million barrels of total crude oil storage capacity, and an
associated 160-mile pipeline system with the capacity to transport up to 1.8
million barrels per day (BPD) of crude oil. The development of the offshore port
system and onshore infrastructure is supported by long-term contracts with
Motiva Enterprises LLC and ExxonMobil Corporation.
Oiltanking GmbH, the ulitimate parent of TOPS partners Oiltanking Freeport, L.P.
and OTF GP, LLC, is a subsidiary of Marquard & Bahls AG, Germany, a leading
privately owned petroleum company. Oiltanking is the second-largest
independent tank storage provider for petroleum products, chemicals and gases
world-wide. The company owns and operates 65 terminals in 21 countries within
Europe, North and South America, Middle East, India as well as Asia. Oiltanking
has an overall capacity of more than 14.6 million cbm.