Gibson Energy to buy Buckeye Partners' South Texas Gateway oil terminal (updated)

Gibson Energy

14/06/2023 21:50

(Adds details on South Texas Gateway)
    By Arathy Somasekhar
       June 14 (Reuters) - 
    Canadian energy infrastructure firm Gibson Energy  GEI.TO 
said on Wednesday it will buy the South Texas Gateway oil
terminal from Buckeye Partners and co-owners Marathon Petroleum
 MPC.N  and Phillips 66  PSX.N  for $1.1 billion. 
  
        U.S. oil exports have boomed in recent years, touching a
record of about 4.5 million barrels per day in March, on rising
shale output and Russia's invasion of Ukraine that buoyed demand
for U.S. oil. 
  
        South Texas Gateway, located in Ingleside at the mouth
of the Corpus Christi ship channel, is among the largest exports
facilities in the United States, handling about 700,000 barrels
per day of oil exports.
  
        The terminal, which began oil export operations in July
2020, is 50% owned and operated by privately held Buckeye
Partners. Phillips 66 and Marathon Petroleum Corp each have 25%
stakes. 
  


 (Reporting by Ankit Kumar; Editing by Pooja Desai)
 ((Ankit.Kumar2@thomsonreuters.com;))