U.S. oil refiner, Flint Hills Resources, recently hired JP Morgan Chase to assist in marketing the assets of their crude export terminal in Ingleside, Texas. Flint Hills is considering finding a partner for the operation or simply selling it on its own. The terminal is a connecting point for several pipelines, including some owned by Phillips 66 and Plains All American Pipeline LP.
Andy Saenz stated, “we want to understand how the market values the asset and whether there is an opportunity to utilize the terminal better than we are today.”
Flint Hills has shared that they are growing storage capacity at Ingleside terminal by 1 million barrels to 3.5 million and have raised the site's vessel loading capacity from 200,000 barrels per day to 380,000 barrels per day.