TIT: production facility. File image/Pixabay.
US-based storage operator Texas International Terminals is to produce IMO2020 grade fuel oil.
The low sulfur fuel output from the new facility will be 50,000 barrels per day, company executives were reported as saying to news agency Reuters.
The previously undisclosed refining project, an unusual venture for a storage facility, will compete with big refinery operators such as BP Plc, Chevron and Exxon Mobil and startups such as Limetree Bay Refining LLC, according to the report.
The company plans to operate its own crude distillation unit at Galveston, Texas to produce bunker fuel and gasoil for GCC Bunkers.
The latter company will supply crude and market the resulting fuels.