The first shipment of crude oil made by the Theo T following the end of the crude oil export ban
The first shipment of crude following the lifting of the crude oil export ban was made last week. ConocoPhillips (ticker: COP) and NuStar (ticker: NS) announced that they loaded what the companies believe to be the first export cargo of U.S.-produced light crude now that the export restrictions have been lifted.
ConocoPhillips committed to sell Eagle Ford light crude oil/condensate to international Swiss trading company Vitol aboard the Theo T. The ship is loaded with Eagle Ford Light Common Stream, a blend of processed and unprocessed lease condensate with an API gravity between 45O and 55O API, according to Argus Media.
The Theo T left NuStar’s dockside facility in Corpus Christi, Texas, where the company has been preparing to ship U.S. crude oil overseas. “We plan on further expanding our Corpus Christi operations to provide more options to our customers to move Eagle Ford Shale crude oil, whether it is being moved domestically or internationally,” said NuStar President and CEO Brad Barron.
Plans for expansions at the company’s Corpus Christi facility include a second private dock, which would give NuStar access to four loading docks, allowing it to load oil onto ships at a maximum rate of 90,000 barrels per hour.
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