Texas Energy Company Forms European Subsidiaries for Crude, Condensate Tanks Storage
Texas-based energy company Max Midstream announced Jan. 19 it has formed two new subsidiaries in Europe to trade its Texas Crude and Condensate and products throughout Europe. The company has opened offices in Rotterdam, The Netherlands, and Geneva, Switzerland, and will begin trading activities immediately.
Max Midstream has also secured tanks at the Koole Terminal in Rotterdam which will allow Max to secure a trade position with the second largest tank storage company in the ARA region. Max Midstream will also process crude at the Koole Terminal shortly.
“This agreement assures that Max Midstream will be reaching the European market even sooner than previously expected,” said Todd Edwards, president and CEO of Max Midstream. “At a time when the oil market is down, Max Midstream is opening doors for Texas energy and our European customers.”
Previously, Max Midstream announced the acquisition of the Seahawk Pipeline and Terminal from Oaktree Capital at the Port of Calhoun and have completed a historic pipeline that connects the Port directly to the Eagle Ford Shale. The company has also completed an interconnect with P66’s Grey Oak Pipeline, which will allow Permian Basin Crudes to be delivered directly to the Port of Calhoun.
Max Midstream also announced plans to fund the deepening and widening of the Port and Congress just passed legislation in December approving this plan. This will allow exportation of 20 million barrels a month to a revitalized terminal at the Port. The company anticipates that exports will begin with completion of the first phase in March 2021, and the second phase project is expected to be completed by early 2023.
Tags: Max Midstream Texas
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