NuStar Energy LP completed its $93 million acquisition of crude oil and refined product terminal assets in Corpus Christi, Texas, from Martin Midstream Partners LP.
The purchase boosts NuStar Energy's total storage in the Port of Corpus Christi to more than 3.6 million barrels, composed of 3.1 MMbbl of crude oil storage and 577,000 bbl of refined products storage, according to a Dec. 21 news release.
The assets acquired includes a 25-acre expandable terminal with 1.15 million bbl of storage, 900,000 bbl of which is for crude oil and the rest for refined products. The terminal is connected to Eagle Ford crude oil production via the Harvest Pipeline and a six-bay truck rack. It also has access to two of the port's deep-water crude oil docks and a barge dock.
"This acquisition further strengthens NuStar's position as one of the top logistics players in the Corpus Christi region, which has long been a strategic hub for us," said Brad Barron, president and CEO of NuStar Energy.