NuStar Energy LP has agreed to purchase crude oil and refined product storage assets in the Port of Corpus Christi, Tex., from Martin Midstream Partners LP for $93 million. The deal is expected to close by yearend.
The acquired terminal comprises 1.15 million bbl of total storage, representing 900,000 bbl of crude storage, commonly known as the Corpus Christi crude terminal, and 250,000 bbl of refined product storage. The terminal has direct connectivity to Eagle Ford crude production and receives crude and condensate via its connection to the Harvest pipeline and six-bay truck rack.
The terminal has access to two of the port’s deepwater crude docks, including exclusive use of the port’s new crude dock, and a barge dock. The terminal is on 25 acres and has room for further expansion.
NuStar also expects to achieve operational synergies between its existing North Beach terminal and the Martin terminal, which are adjacent to each other in the Port of Corpus Christi.
When combined with its existing terminal operations, the purchase will give NuStar more than 3.6 million bbl of total storage in the Port of Corpus Christi, including 3.1 million bbl of crude storage and 577,000 bbl of refined product storage.