Bexar gives initial OK to Okin incentives
Deal would exempt company’s personal property, equipment from taxes
Bexar County commissioners gave initial approval to a tax incentive package worth about $538,000 for European company Okin BPS to build its planned U.S. headquarters on the South Side.
The European company’s North American headquarters is expected to create more than 1,400 jobs in San Antonio and a capital investment of about $23 million to the Brooks mixed-use development.
“This is a game changer, I
oming-based Bridger Pipeline.
Likewise, Phillips 66 has scheduled its planned Red Oak Pipeline for completion in late 2020. Red Oak would trek from the storage and trading hub in Cushing to refineries and ports in Houston, Beaumont and Corpus Christi. The pipeline would move 400,000 barrels a day.
Phillips 66 has increasingly invested in the pipeline sector, where there’s more room for growth. Phillips 66’s pipeline spinoff is building the Gray Oak oil pipeline from West Texas’ booming Permian Basin to Corpus Christi and Freeport.
The company said it is planning to expand the Gray Oak system with additional capacity and new origin stations throughout much of the Permian.
The pipeline system is on track to be built by the end of 2019, but the expansion
will take until late 2020.
Meanwhile, Magellan Midstream Partners of Tulsa, Okla., and Navigator Energy Services of Dallas announced an open season to gauge interest in a 500mile, 250,000-barrel-a-day pipeline from Cushing to Houston. The pipeline would terminate at Magellan’s terminal in Houston, where oil and condensate could be delivered to refineries or oil export terminals in that city and in Texas City.
The oil and condensate, which is an oil byproduct, would be sourced from the Rocky Mountains region and North Dakota’s Bakken shale field.
If the pipeline is built, it is expected to come online by the end of 2020.
Magellan added that it is also evaluating a possible oil pipeline from Houston to Corpus Christi and a crude export terminal on Harbor Island near Corpus Christi. The terminal would be able to load Very Large Crude Carriers, or
VLCCs, which shippers prefer because of the cost savings related to the ships’ ability to transport larger volumes.
The Port of Corpus Christi has teamed up with asset manager The Carlyle Group to develop a VLCCcapable oil export terminal on another part of Harbor Island. Swiss commodities trader Trafigura has voiced interest in building an offshore VLCC-capable oil export buoy.
The Port of Corpus Christi opposes the Trafigura plan and has not voiced an opinion on Magellan’s possible terminal.