Houston, Texas-based midstream oil company Buckeye Partners has announced the first export of crude in a suezmax tanker from its majority-owned terminal in Corpus Christi, Texas, according to Reuters.
Buckeye Partners has an 80% stake in the Buckeye Texas Hub terminal with the other 20% held by collaborator Trafigura, a Singaporean multinational commodity trading firm.
The shipment, which departed last Saturday (March 31) but which Buckeye just announced, was made possible by the completion of modifications to the deep-water docks at the terminal, enabling it to accommodate large tankers.
In this case the landmark one million barrels cargo was on the 2002-built Astra, a suezmax operating in Heidmar’s Blue Fin pool.
My BPL partner units are still languishing below $40/unit. Hopefully, the prospect of more export action from Corpus Christi might attract the attention of investors and boost the value of my (not great) investment.