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Now, surging exports threaten to overwhelm existing ports as U.S white gold diamond cufflinks. production is projected to hit 12 million barrels per day (bpd) this year, up from 9.35 million in 2017.(U.S. crude producers send more shale oil to the world : tmsnrt.rs/2H48vJp ). “We’ve got a wave of oil headed toward the coast,” said Jeremiah Ashcroft III, chief executive of Lone Star Ports LLC, the Carlyle-backed company formed to develop its Corpus Christi project. Only one U.S. facility, the Louisiana Offshore Oil Port, can fully load supertankers capable of carrying 2 million barrels. The Corpus Christi port – the closest to the most prolific shale fields in Texas – exports less than 1 million bpd, and its harbor is too shallow to fully load supertankers..

The market ultimately may support more than one new deepwater port, but the first firm to build near Corpus Christi will have the best shot at cutting long-term deals with producers expected to ship an estimated 2.1 million bpd to the region through new pipelines set to open this year. “Right now, there’s only enough room for one project,” Ashcroft said. Carlyle plans a $1 billion port to handle 1.4 million bpd. Trafigura, which has not disclosed its planned investment in the port, would handle much less, at 500,000 bpd white gold diamond cufflinks. But Trafigura’s operation would siphon off revenue from the Port of Corpus Christi and Carlyle’s project because Trafigura would serve shippers offshore, before they reach the harbor..

Carlyle declined to make an executive available for an interview and referred questions to Lone Star. Trafigura said in a statement that its port would leave room for other projects because it would handle only a portion of the expected new oil flows. A third competitor, pipeline operator Magellan Midstream Partners LP, plans an export terminal on the Corpus Christi harbor, near Carlyle’s proposed site white gold diamond cufflinks. But Magellan faces a roadblock because port officials last year agreed to work exclusively with Carlyle. Magellan said in a statement that it has not decided whether to build the project..

Companies including Kinder Morgan Inc, JupiterMLP and Tallgrass Energy have also proposed offshore ports along the Gulf Coast. Carlyle said last October that it could open its facility by late 2020 white gold diamond cufflinks. But that assumes its plan for dredging to accommodate supertankers will not require a full environmental review, which is sought by opponents and could take two years. As Carlyle and the Port have tried to navigate those obstacles, port lobbyists have petitioned regulators to halt Trafigura’s project. In an August letter, the port’s law firm called on the U.S. Coast Guard and the Maritime Administration to reject Trafigura’s application, citing a “criminal history.”..

The letter from Baker Wotring LLP pointed to the trader’s 2006 guilty plea for selling a U.S. company oil from Iraq that Trafigura falsely claimed had been authorized under a United Nations humanitarian aid program. U.S. companies at the time were barred by government sanctions from buying Iraqi oil except through the program. After the regulators declined the port’s request, its law firm in December raised bribery allegations brought earlier that month by Brazilian prosecutors against two former Trafigura executives. The firm asked regulators to halt Trafigura’s work until the allegations were “fully investigated.” white gold diamond cufflinks.