2013-01-04 22:06:45 -
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
"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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Source: Valero Services Inc via Thomson Reuters ONE