July 18, 2016
Magellan Midstream Partners LP, headquartered in Tulsa, OK, has announced its intent to build a marine terminal on 200 acres along the Houston Ship Channel, located in Pasadena, TX. The project, including land acquisition, is anticipated to cost $335 million, and is expected to be operational by early 2019.
The project includes 1 million barrels of storage for refined petroleum products and ethanol, with expansion capabilities of up to 10 million barrels and five docks. The plan also includes a marine dock to accommodate Panamax-sized ships and barges.
“Demand for refined products export capabilities from the Gulf Coast continues to grow, and Magellan is well-positioned to take advantage of these opportunities due to our extensive pipeline and terminals network,” CEO Michael Mears said in a statement.