Remaining construction of the project is primarily focused on installing an additional 2.1 million bbls of operational storage, bringing total storage to 7.5 million bbls, as well as completing the East Dock that is expected to be operational in the second half of 2020, adding the capability of loading Suezmax vessels. The West Dock began loading operations in December 2019 and is adjacent to the East Dock. Concurrently with the commissioning of the 30 in. Crude Oil Pipeline, EPIC has begun the clean out process and transition of the 24 in. Y-Grade pipeline back to NGL service.
“EPIC’s ability to provide crude oil transport out of the Permian Basin and into the Corpus Christi market highlights the strategic value of our assets,” said Phil Mezey, CEO of EPIC. “I would like to thank our employees, customers and contractors who have enabled us to provide this vital service and I also want to commend those who worked on the line over the past 8 months for their attention to and focus on safety.”
Additionally, EPIC announced that it has closed on a US$100 million incremental upsize of its existing Term Loan B, bringing the total Term Loan B to US$1.1 billion, and closed on a new, US$75 million Term Loan C. The incremental debt raised is on the same terms as the original Term Loan B. Proceeds from both loans will fund additional capital expenditures associated with the Crude Oil Pipeline and EPIC’s terminals and docks.
