Commodity trader Trafigura plans to build a new, large oil terminal in Texas that will make it possible to tank VLCC vessels and thus benefit from a growing export of US crude.
If the project is approved, it would become the first terminal in the US Gulf that can be used by VLCC supertankers. Oil here is currently loaded onto smaller vessels that sail out to the VLCCs and transfer the cargo.
The terminal will also become a central hub in the export of US crude, which is expected to see a surge in output after an export ban was lifted in 2016.
Trafigura keeps the details of the terminal to itself, but a spokesperson tells Reuters that it will have a capacity of around 500,000 barrels per day.
English Edit: Daniel Logan Berg-Munch