BoyarMiller Represented Oiltanking in Texas City Land Acquisition DealApril 6, 2017
BoyarMiller represented Oiltanking in the acquisition of approximately 89 hectares (220 acres) of waterfront and industrial land in Texas City. This transaction will provide the necessary area to develop Oiltanking’s Texas Independent Deepwater Expansion (“TIDE”) terminal.
HOUSTON, April 5, 2017 – Oiltanking North America LLC is pleased to announce the acquisition of approximately 89 hectares (220 acres) of waterfront and industrial land in Texas City. This transaction will provide the necessary area to develop Oiltanking’s Texas Independent Deepwater Expansion (“TIDE”) terminal.
During the initial phase of development, construction of a finger pier will begin with two deep-water docks up to 14 meters draft (45 feet). The new terminal has ample ready-to-build land available to construct over 1.6 million cbm (10,000,000 barrels) of storage, pipeline interconnectivity and additional jetties as needed for crude oil, petroleum and gas products in the Houston market.
Upon completion of the initial development phase, the terminal will form a viable export/import/blending hub alternative in the Houston market by creating a premier logistics platform with significant flexibility and optionality. The “TIDE” terminal is in close proximity to Oiltanking’s existing Texas City terminal which offers sophisticated infrastructure with approximately 550,000 cbm (3.5 million barrels) of liquid petroleum products, renewables, chemicals and gas storage capacity. The Texas City terminal has rail and truck capability and has two docks for vessels with up to twelve meters (40 feet) draft and eight barge docks.
The development of the “TIDE” terminal fits perfectly with the Oiltanking strategy to offer excellent terminal services in key petroleum and chemical markets in North America. The port of Texas City is home to a vast refinery market and several chemical companies. It’s short sailing time to open water and uncongested marine traffic position makes the port a highly valuable player in the Houston market.
Oiltanking North America LLC, a fully-owned subsidiary of Oiltanking GmbH, is headquartered in Houston, Texas, and through its subsidiaries offers diverse facilities for the storage and distribution of chemicals, biofuels and petroleum products.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, a Hamburg-based, family-owned company that operates in the fields of energy supply, trading and logistics. Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide. The company owns and operates 81 terminals in 23 countries within Europe, North and South America, Middle East, Africa, India as well as in Asia. Oiltanking has an overall storage capacity of 21 million cbm.