NuStar (NS) Augments Permian Capacity, Boosts Crude Export
Zacks Investment Research | Sep 05, 2019 10:33PM ET
NuStar Energy L.P. (NYSE:NS) recently announced the completion of its three major pipeline projects to multiply the exports of Permian crude oil to Corpus Christi, TX and expand its refined products’ reach into northern Mexico.
In one of the projects, NuStar Energy expanded the Valley Pipeline System in South Texas, doubling its capacity to 90,000 barrels per day per an agreement with Valero Energy (NYSE:VLO). The deal requires diesel and other fuels to be shifted from Valero Energy’s Corpus Christi refinery to the storage tanks from where the same can be conveyed to northern Mexico.
Again, according to the pact with Valero, NuStar Energy reactivated its 11-mile, eight-inch refined products pipeline system — joining the Laredo Terminal in South Texas and the Nuevo Laredo Terminal in Mexico — and started transporting diesel to Northern Mexico. The task involved extension of Laredo Pipeline’s horizontal drilling project under the Rio Grande River for transferring refined diesel from Valero's Corpus Christi and Three Rivers, TX refineries to a storage terminal across the boundaries of Mexico.
Further, NuStar Energy brought into service an eight-mile, 30-inch diameter pipeline that will be used for transmitting crude oil from a connection on the Plains Cactus II long haul pipeline in Taft, TX to the partnership’s terminal in Corpus Christi. NuStar Energy expects to construct an additional storage unit with 600,000 barrels capacity at the terminal, expanding the total volume to 3.9 million barrels by this year-end.
NuStar Energy CEO and chairman stated that all the projects are backed by prolonged assurances to loyal customers. Each project has been concluded on time and within the partnership’s spending plan.
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