Mercuria Energy Group expects to open a new US Gulf Coast crude oil storage facility next year that could compete to become a trading hub for shale oil.
Crude storage with a capacity of 320,000 bpd is being built by Pin Oak Terminals LLC outside of Corpus Christi, Texas. Pin Oak Terminals LLC is a joint venture owned by Dauphine Midstream LLC and Mercuria Energy.
The new facility is expected to operate in mid-2020. For oil shipments through Corpus Christi, the Pin Oak hub potentially becomes the main location for crude price assessments.
From the Pin Oak facilities, which its capacity expected to double in 2021, Mercuria Energy will begin expanded exports of US crude early next year.
Related stories:
