The Vitol Group, one of the world’s largest independent energy traders, and its subsidiary Coastal Caverns, Inc. (CCI) unveiled plans to build a new propane export facility in Beaumont, Texas, where the company is already developing a large LPG storage plant.
Based out of Rotterdam, the Netherlands, Vitol trades more than 5.5 barrels of crude oil and petroleum-related products every day, with terminals on five continents. Vitol’s new facility will be able to hold 6 million barrels of domestic and international grade propane, which will be important when the adjacent processing plant begins churning out 100,000 barrels per day as expected. Through a series of phases, the facility will be designed to treat and export around 3 million tons of propane each year, eventually working up to 6 millions tons per year.
Officials expect the new facility will create 100 new construction jobs in the area, and possibly 20 permanent positions to run the place when it’s complete.
“This is a great opportunity to market a product globally at highly competitive prices as a result of new U.S. shale gas and liquids production,” said head Vitol Inc. administrator Mike Loya. “Vitol, as the anchor tenant in CCI’s propane export facility, is excited about the capacity this new facility will provide to supply multiple international markets.”
Propane.pro tidbit: Beaumont is only an hour away from Mont Belvieu, the country’s largest propane hub. Good to know when planning your propane tour of America!