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PetroChem Wire's Daily Wire provides closing prices and a summary of the day's trading activity for US ethylene, proylene, polymers and upstream NGLs markets. Begun in 2007, its olefins and polyolefins prices serve as benchmarks for a number of physical and swap contracts that trade on the CME/NYMEX Clearport system.

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JV formed to develop Texas offfshore oil export terminal

HOUSTON, January 11, 2019 (PCW) -- Enbridge, Kinder Morgan, and German storage tank company Oiltanking have formed a joint venture to build the Texas Colt Offshore Loading Terminal 40 miles off the coast of Freeport, Texas.

The companies say that the terminal will be able to receive and fully load very large crude carriers (VLCCs), which can carry as much as 2 million barrels of oil.

Texas Colt would receive domestically produced light sweet crude oil from three onshore pipelines including the Gray Oak Pipeline, which is designed to move 900,000 bbl/day of crude from the Permian Basin and Eagle Ford Shale to Freeport and three other destinations along the Texas Gulf Coast.

The proposed terminal will require approval by federal regulators, but early plans show that the facility will be supported by an underwater pipeline. -- Donna Todd

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