Martin Midstream is adding a $25 million terminal at the Port of Corpus Christi that will have storage capacity of 300,000 barrels of oil and will be expandable to 600,000 barrels of oil. The terminal will also have off loading capable of transferring the crude to oil tankers and barges.
"Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") announced the construction of a new terminal at the Port of Corpus Christi, Texas (the "Port") to receive crude oil from the Eagle Ford shale via the recently announced Harvest Gardendale Pipeline.""As currently scheduled, the Partnership will construct over 300,000 barrels of crude oil storage at the new facility. In addition, the Partnership has the ability to expand the capacity of the terminal by an additional 600,000 barrels.""The total project cost is estimated at $25.0 million and is an anticipated to be in service by late 2011. Initial receipts of crude oil will arrive via truck until the Harvest Gardendale Pipeline becomes operational in the first half of 2012."
"Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, MMLP's general partner said, 'We are pleased to announce additional Port of Corpus Christi infrastructure and a long-term terminalling agreement with a major integrated oil company. MMLP, with these new assets, will seek to meet terminalling demand from the growing Eagle Ford shale production. This new facility is well-positioned for significant fee-based cash flow growth as Eagle Ford activity continues to gain momentum.' "
Read the complete press release at martinmidstream.com