The Carlyle Group exits Corpus oil terminal project

The Carlyle Group, an international private equity/investment firm and the entity behind efforts to build a $1 billion crude oil export terminal at Harbor Island, Port of Corpus Christi, Texas, is pulling out of the project.

The Washington, D.C.-based company said in a statement it’s dissolved its relationship with The Berry Group, Kallanish Energy finds. 

The two entities had earlier formed a joint venture, Lone Star Ports LLC, to head development of what was expected to be the first U.S. onshore export terminal to serve Suezmax vessels and nearly full super tankers, the Corpus Christi Caller-Times reported.

The Carlyle Group’s move effectively leaves construction firm The Berry Group as Lone Star Ports’ sole owner.

Lone Star Ports still plans to continue to develop the project. It already has signed agreements with various companies to connect pipelines that will move more than 1 million barrels per day (Mmbpd) of crude from the Permian Basin and Eagle Ford Shale play.

In March, the Port of Corpus Christi Commission approved a 50-year lease agreement with Lone Star Ports to develop the export terminal, which would be capable of exporting 2 million barrels of crude per vessel.

This post appeared first on Kallanish Energy News.