Houston company adds 10 million barrels of crude storage in Corpus Christi

[Elderberry]

Houston Chronicle by  Sergio Chapa April 28, 2020

Houston company adds 10 million barrels of crude storage in Corpus Christi

Houston export terminal operator Moda Midstream has completed a project that adds 10 million barrels of crude oil storage at its Port of Corpus Christi facility.

The company said Tuesday that the final 495,000-barrel storage tank has been placed into service as part the expansion at the Moda Ingleside Energy Center in Ingleside and the Moda Taft Terminal in Taft. The project brings combined storage at the two facilities to 12 million barrels.

“At a time when there is a pressing need for additional crude oil storage, the early delivery of the tanks is another example of Moda’s ability to consistently provide solutions to our customers,” Moda Midstream Bo McCall said in a statement. “Bringing 10 million barrels of storage online in just over a year and a half is a major accomplishment.”

More: https://www.houstonchronicle.com/business/energy/article/Houston-company-adds-10-million-barrels-of-crude-15231215.php

[IsailedawayfromFR]

These tanks were obviously originally planned as holding tanks for product sent onto tankers.

Example of re-purposing for other uses.

[catfish1957]

Great investment.  If the economy rebounds and oil returns to $30-40/bbl later in the year, they will make a huge profit on margins.

[IsailedawayfromFR]

Great investment.  If the economy rebounds and oil returns to $30-40/bbl later in the year, they will make a huge profit on margins.

I couldn't read all the article, but it seemed that this company was simply supplying oil storage, and was not the owner of the oil.

Not sure who you mean by the 'they'.  The margins you mention would accrue to the owner, not the storage company.

[catfish1957]

I couldn't read all the article, but it seemed that this company was simply supplying oil storage, and was not the owner of the oil.

Not sure who you mean by the 'they'.  The margins you mention would accrue to the owner, not the storage company.

True.  i was alluding to the owners of the oil, who I guess is using a 3rd party for rental storage.