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Carlyle Group in talks with pipeline firms to sell 25% stake in oil export project

Gasoil News - Published on Tue, 21 May 2019

Image Source: The Carlyle Group
Reuters reported that Carlyle Group LP is in discussions with three companies that operate pipelines and terminals to sell a 25% stake in its Corpus Christi, Texas, crude oil export terminal for USD 625 million. Carlyle is also in talks with the three companies to jointly operate a crude oil pipeline from Houston to Corpus Christi. The identities of the companies could not be immediately learned. Carlyle and other companies are working to open at least eight facilities to export US crude oil to global markets from the US Gulf Coast. The United States is now producing more than 12 million barrels per day, more than Saudi Arabia and Russia. Last week, US crude exports were near a new record at nearly 3.4 million barrels per day.

According to the source, a deal with one of the three companies, which operate facilities in Houston, could happen as early as Friday. The joint-venture pipeline would carry crude from Houston to Corpus Christi with an estimated capacity of between 700,000 to 1.2 million barrels per day. It would provide alternate access to US oil producers. Carlyle's facility has existing connections to producers in the Eagle Ford and the Permian Basin, two of the largest US oil fields.

Carlyle-backed Lone Star Ports LLC is proposing a 1.4 million bpd export facility on a harbor island near Corpus Christi. It has said it expects to begin operations at the facility in October 2020.

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Posted By : Rabi Wangkhem on Tue, 21 May 2019
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