Industry Brief

The Port of Corpus Christi (Texas) accepted a $7 million bid from Oxy Ingleside Property Holdings LLC, a unit of Occidental Petroleum Corp. (Oxy), for a nearly 100-acre campus portion of the former U.S. Naval Station Ingleside (NSI). Oxy Ingleside currently has about 816 acres of the former NSI under purchase contract. The sale agreement for the campus portion will be presented for approval at the Port Commission meeting scheduled for Aug. 14. Occidental Chemical has operated a chemical plant at Ingleside since 1987. The campus portion is the third and final piece of the former naval base to be sold. Oxy has said it plans development of the base property in phased projects worth about $1 billion. Projects could include pipeline and barge facilities to handle liquefied petroleum gas produced from the Eagle Ford Shale; a liquefied natural gas facility also is possible, along with storage for crude oil, condensate and refined products, Oxy officials have told Ingleside City officials. An Oxy spokesman declined to provide further details. “The campus property complements the previous acquisition of the port property by Oxy Ingleside Property Holdings LLC [see Shale Daily, April 2], and we will investigate other uses for the property after closing, said spokesman Eric Moses.

August 3, 2012