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FTAI Infrastructure inks deal with Aramco Trading to boost oil supply to Texas terminal
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FTAI Infrastructure inks deal with Aramco Trading to boost oil supply to Texas terminal
Jun 13, 2024 2:49 PM

June 13 (Reuters) - Ground freight and logistics firm

FTAI Infrastructure ( FIP ) said on Thursday that one of its

subsidiaries has executed a multi-year terminal services

agreement with the energy trading unit of Saudi Aramco

, which includes the future receipt of new crude oil

volumes at its Main Terminal in Texas.

FTAI said the subsidiary, Jefferson Energy, would receive

additional supply of crude oil at its terminal in Beaumont by

incorporating bi-directional flow capability into its Southern

Star Pipeline, which currently moves crude oil from the Main

Terminal to the Motiva Port Neches Terminal.

The bi-directional pipeline would open up the Main Terminal

to crude volumes from TC Energy Marketlink Pipeline System, a

750,000 barrels per day crude oil pipeline from Cushing,

Oklahoma, to the U.S. Gulf Coast, the company said.

Last year, after acquiring Motiva Trading, Aramco launched

the U.S. unit Aramco Trading Americas.

The world's largest oil firm has been expanding its trading

activity. In February, it started trading a U.S. crude oil grade

that helps set Brent oil benchmark.

The shale revolution of the past 15 years has made the U.S.

the world's top oil producer and also transformed the country

from a top importer to a major exporter after Washington ended a

40-year ban on foreign shipments.

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