Pair of companies to build 700,000-barrel crude oil storage near Houston

Jun 29, 2015 12:00 AM

Magellan Midstream Partners and LBC Tank Terminals have announced a $95 million crude oil storage and transportation project along Houston’s Gulf Coast.

The two companies said they will build about 700,000 barrels of new crude oil storage and distribution infrastructure near Seabrook, Texas, about 30 miles southeast of Houston. The new storage will be connected into the area’s existing oil transportation infrastructure by a planned 18-inch diameter pipeline.

Both the pipeline and the storage facility are expected to be online by 2017. The project is supported by long-term contracts with a major refiner, the companies said in a press release.

The new infrastructure will be operated by a joint venture company called Seabrook Logistics, owned 50-50 by Magellan Midstream and LBC Tank terminals.

Tulsa, Oklahoma-based Magellan Midstream Partners owns a large refined products network that stretches across the Midwest and into Texas. The company also owns a smaller network of crude oil pipelines and terminals running from the Permian basin east to the Houston area.

Belgium-based LBC Tank Terminals is a privately held company that owns and operates petroleum and chemical storage in the U.S., Europe and China.

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