Gravity Midstream LLC says that its wholly owned subsidiary, Gravity Midstream Corpus Christi LLC, has closed on the acquisition of a 44-acre crude oil logistics terminal located on the Corpus Christi Ship Channel.
The facility will serve traders, producers, and refiners of crude oil and condensate produced in the Eagle Ford shale play and the Permian Basin. Gravity expects to bring the terminal into service in September under the name Gravity Oil Terminal at Corpus Christi (GOTAC Terminal).
Existing infrastructure at GOTAC includes 800,000 barrels of tankage with access to an additional planned 2 million barrels of storage capacity, deepwater dock access, a crude processing unit (CPU) with current capacity to process up to 25,000 barrels per day (bpd) of heavy crude, and rail and truck loading and unloading facilities. Gravity expects to convert the CPU into a 35,000-bpd condensate stabilizer or condensate splitter. If customer demand is sufficient, Gravity will build a second stabilizer or splitter, enabling the company to process up to 100,000 bpd at the GOTAC Terminal.
Gravity Midstream Corpus Christi LLC acquired the facility from Trigeant Ltd. for $100 million. The transaction was part of a Chapter 11 plan approved by a Florida bankruptcy court in May. Kaye Scholer LLP served as lead legal counsel to Gravity.