NGL Energy Partners LP (NYSE: NGL) acquired Point Comfort terminal assets in South Texas in a move to expand its presence in the Gulf Coast, the company said Oct. 3.
The Tulsa, Okla.-based company purchased the crude oil and condensate marine terminal project and related assets from Pelorus Terminal, Point Comfort LLC for an undisclosed amount.
"The terminal is backed by long-term, fee-based contracts and will enhance our ability to service additional markets for the export of crude oil and condensate via the Gulf of Mexico," Don Robinson, executive vice president of NGL, said in a statement.
The terminal is located at the Port of Point Comfort in Point Comfort, Texas. Assets will include 350,000 shell barrels of storage capacity, multiple truck unloading bays and capabilities of loading both inland and ocean going vessels from three docks at the port.
NGL’s Point Comfort facility will have an initial truck receipt capacity of at least 30,000 barrels per day and a marine loading capacity of up to 20,000 barrels per hour.
NGL expects the terminal to be ready for commercial service in April 2017. The terminal can be expanded to meet future market demand, the company added.