Valero forms joint venture for Texas marine terminal
HOUSTON (Reuters) - Valero Energy Corp (VLO.N) and private Houston industrial developer TGS Development are building a new marine terminal near Port Arthur, Texas that will be able to receive crude oil tankers up to Suezmax class, Valero said on Friday.
The company joint-venture terminal on the lower Sabine-Neches Waterway also will be able to operate after sundown, unlike other terminals in the area that have daylight restrictions.
The crude dock is slated for completion in the fourth quarter this year.
Richard Lashway, Valero's senior vice president of logistics operations and commercial development, said the ability to access the site at any time with vessels up to Suezmax class will cut crude delivery costs.
The terminal will deliver crude through a new 36-inch pipeline to Valero's 290,000 barrels-per-day (bpd) refinery in Port Arthur. The company said it also will have flexibility to connect to other nearby refineries.
The other refineries in Port Arthur are Motiva Enterprises' 600,000 bpd plant and Total's (TOTF.PA) 225,500 bpd plant.
(Reporting By Kristen Hays; Editing by David Gregorio)
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.