Magellan Midstream and LBC announce expansion of Houston-based Seabrook Logistics | Work & Money
Magellan Midstream and LBC Tank Terminals announced Wednesday a planned expansion of Seabrook Logistics’ crude and condensate storage and dock capabilities in the Houston Gulf Coast area.
Seabrook Logistics is owned by subsidiaries of LBC and Tulsa-based Magellan.
The expansion will include 700,000 barrels of additional crude oil and condensate storage in Seabrook, Texas, as well as a new Suezmax dock with up to a 45-food draft and nearly 400,000 barrels per day of dock capacity.
Once the $120-million expansion is complete, Seabrook Logistics will own approximately 3.1 million barrels of storage, deep water access through two docks and connectivity to Magellan’s Houston crude oil distribution system, providing it access to multiple inbound crude pipelines.
“With increased crude oil production in the Permian Basin and other prolific regions, demand for crude oil storage and export capabilities continues to grow in the Houston Gulf Coast area,” said Michael Mears, Magellan’s chief executive officer. “We are pleased to expand our services to meet this growing industry need.”