US Markets

Carlyle Group quits $1 billion U.S. oil export project -Texas port official

Credit: REUTERS/ISSEI KATO

Carlyle Group has exited its equity position in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas, a port official said on Friday.

Add details

HOUSTON, Oct 18 (Reuters) - Carlyle Group CG.O has exited its equity position in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas, a port official said on Friday.

Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it would no longer proceed with its investment. That left construction company Berry Group as the sole backer.

Carlyle did not have an immediate comment.

The project was one of at least nine crude oil export terminals proposed for the U.S. Gulf Coast to handle exports of U.S. shale oil. Carlyle was competing with projects in the same area proposed by commodities trader Trafigura AG TRAFGF.UL and refiner Phillips 66 PSX.N.

"Interest in Harbor Island remains at an all-time high," Strawbridge said. The port will continue dredging in the area to make it more attractive to export crude, he said.

Lone Star and Berry did not immediately respond to requests for comment.

(Reporting by Collin Eaton in Houston)

((Collin.Eaton@thomsonreuters.com; 713-210-8509))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More