Valero Services Inc : Valero and TGS Development to Construct Marine Terminal
in Port Arthur, Texas
SAN ANTONIO, Jan. 4, 2013 - Valero Terminaling and Distribution Co. (VTDC), a
subsidiary of Valero Energy Corporation (NYSE: VLO), and TGS Development LP
have formed a 50-50 joint venture and started construction on a new marine
terminal on the lower Sabine-Neches Waterway near Port Arthur, Texas.
As participants in the joint venture, known as PI Dock Facilities LLC, TGS
Development LP will act as the site developer and VTDC will act as the
operator. The marine terminal will receive crude tankers of up to Suezmax
class, and will be able to operate without the daylight restrictions imposed
on other terminals in the upper Sabine-Neches waterway.
The crude dock, which is scheduled for completion in the fourth quarter of
2013, will deliver crude oil through a new 36-inch pipeline to Valero's Port
Arthur Refinery and will have the flexibility to connect to other local
refineries. The marine terminal site spans over 100 acres and has space for
two additional berths suitable for LPG and refined product exports or
additional crude receipts.
"We are excited to have Valero and TGSD develop this site for crude oil
receipts. This will be a huge plus for the City of Port Arthur, and we
support further expansion into marine movements of other commodities through
PI Dock Facilities," said Terry Doyle, chairman of the Pleasure Island
Commission of the City of Port Arthur.
Richard Lashway, Senior Vice President, Logistics Operations and Commercial
Development for Valero, said, "The site, previously used as a dry dock
facility with a protected inlet off the channel, offers Valero 24-hour
berthing for vessels up to Suezmax Class, reducing our delivered crude costs."
Valero Energy Corporation, through its subsidiaries, is an international
manufacturer and marketer of transportation fuels, other petrochemical
products and power. Valero subsidiaries employ approximately 22,000 people,
and assets include 16 petroleum refineries with a combined throughput capacity
of approximately 3 million barrels per day, 10 ethanol plants with a combined
production capacity of 1.2 billion gallons per year, and a 50-megawatt wind
farm. Approximately 6,800 retail and branded wholesale outlets carry the
Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and
the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and
Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit
www.valero.com for more information.
Investors: Ashley Smith, Vice President - Investor Relations, 210-345-2744
Media: Bill Day, Executive Director - Corporate Communications, 210-345-2928
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information contained therein.
Source: Valero Services Inc via Thomson Reuters ONE
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