Oiltanking to lease, operate
terminal in Port Neches TX
Aug 10, 2010 10:31 AM
Oiltanking Port Neches LLC, a wholly owned subsidiary of Oiltanking Holding Americas Inc, announced a term lease agreement with Motiva Enterprises LLC whereby Oiltanking will lease and operate Motiva’s Port Neches marine terminal in Southeast Texas, effective August 1, 2010.
As part of the lease, Oiltanking will upgrade the existing assets at the terminal and build 600,000 barrels of new tank capacity. The upgrades to the existing 1.5 million barrels of tanks and new tanks will enable Oiltanking to receive and ship in excess of 300,000 barrels per day for Motiva’s expanded Port Arthur refinery.
“With Port Neches, Oiltanking adds a second terminal in Southeast Texas to the existing Oiltanking Beaumont terminal and a fifth terminal in the United States,” said Kim Ivy, terminal manager of Oiltanking Port Neches.
Oiltanking is a subsidiary of Marquard & Bahls AG, Germany, a privately owned petroleum company. Oiltanking is the second-largest independent tank storage provider for petroleum products, chemicals, and gases worldwide. The company owns and operates 70 terminals in 21 countries within Europe, North and South America, Middle East, India as well as Asia. Oiltanking has an overall capacity of more than 17.2 million cubic meters.
Formed in 1998, Motiva Enterprises LLC operates primarily in the eastern and southern United States. Its operations include nearly 7,700 Shell-branded gasoline stations, three refineries with a combined capacity of 740,000 barrels per day, and ownership interest in 41 refined product storage terminals with an aggregate storage capacity of approximately 19.8 million barrels.
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