Dubai-based Tristar Group has acquired the Canal Crude Oil Terminal, a 300 thousand barrel crude oil terminal that feeds into the deep water port of Louisiana in the Gulf of Mexico.
The terminal is within the Louisiana Offshore Oil Port (LOOP) which is a deep-water port in the Gulf of Mexico off the coast of Louisiana. LOOP is the only mainland port capable of offloading a wide range of vessels including Ultra Large Crude Carriers (ULCC), Very Large Crude Carriers (VLCC) and down to Medium Range (MR) Tankers.
The terminal acquired by Tristar, which is spread across 50 acres with 18 tanks, is capable of storing almost 350,000 bbls. It has a loading capability of 3,000 to 4,000 bbls per hour.
“This is a strategic investment that will not only complement Tristar ‘s fuel farm business but also position Tristar for an entry into the lucrative shale oil Industry in the US,” disclosed Eugene Mayne, Tristar Group CEO.
Eugene added: “This is the first small step in our endeavour to enter and be a player in the U.S. shale industry and I am confident that we will develop and grow this facility to be a major export terminal for US crude.” Between 2010 and 2017, U.S. oil production rose from 5.5 million bbls to 10 million bbls per day and U.S. crude oil exports have reached 3 million bbls a day as of mid-2018.
For more information visit www.tristar-group.com
22nd November 2018