Mammoth oil storage facility planned for Houston area

Fuel Fix:
The midstream company planning to build one of the largest crude oil storage facilities on the Gulf Coast said Thursday that it had reached a deal to fund the first phase of construction on the project in southwest Houston.

Fairway Energy Partners LLC said in a release that Houston private equity firm FBR & Co. agreed to fund the first leg of the Pierce Junction storage facility, which will convert three underground salt caverns near the intersection of the 610 and 288 Freeways into crude oil storage.

Fairway is backed by Haddington Ventures LLC, a Houston investment firm that manages a host of energy storage and processing projects around the U.S.

Fairway said it expected Pierce Junction to be in service by the end of 2016. The financial terms of the deal were not released.
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This should add flexibility to the supply of oil as the sale fields continue to produce more than expected.   The new facility will be connected by pipeline to production facilities elsewhere in the Houston area.

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