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Carlyle Group leaves $1B crude oil export project

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Carlyle Group leaves $1B crude oil export project

The Carlyle Group LP will not take part in developing a $1 billion crude oil export terminal near Corpus Christi, Texas, after it exited its position in Lone Star Ports LLC.

In an emailed statement, Carlyle said its relationship with joint venture partner Berry Contracting LP was terminated.

In March, Carlyle Managing Director Ferris Hussein said the company would spend about $400 million to dredge the Corpus Christi channel from 54 feet to 75 feet to enable very large crude carriers, or VLCCs, to dock at the facility.

The terminal's two docks were planned to have access to a 56-foot ship channel depth, allowing it to fully load Suezmax vessels and to nearly fully load VLCCs.

Also in March, the Port of Corpus Christi Commission announced the approval of a 50-year lease agreement with Lone Star Ports that covers 200 acres of land.