Offshore terminal planned with Phillips 66, ending dispute between Corpus, Trafigura

Houston-based Phillips 66 (NYSE: PSX) and Singapore-based Trafigura Group Pte. Ltd announced a joint venture Feb. 28 to build a terminal capable of loading very large crude carriers off the coast of Corpus Christi, Texas.

The two companies are awaiting permitting for the project, known as Bluewater Texas Terminal LLC, and plan to make a final investment decision later this year. Bluewater will consist of up to two single-point mooring buoys capable of loading VLCCs — massive oil tankers that can…