06 March 2013 11:49 [Source: ICIS news]
TOKYO (ICIS)--US-based Intercontinental Terminals Company (ITC) plans to build a new bulk liquid terminal on the Houston Ship Channel in Pasadena, Texas, its Japanese parent company Mitsui & Co said on Wednesday.
The project, estimated to cost a total of over $150m (€116m), will involve constructing new tank units which include harbour and shipping facilities, so ITC can better respond to growing demand from the US petrochemical industry amid the nation’s prevailing shale gas and oil revolution, Mitsui & Co said.
ITC intends to bring the new tank terminal facility into operation “sometime during the second quarter of 2015,” Mitsui & Co said.
The parent company added that ITC's new Pasadena site makes an ideal logistics hub due to its location along the Houston Ship Channel, an entryway to the Gulf of Mexico. Major chemical manufacturers and other entities are also located adjacent to the site, Mitsui & Co said.
According to Mitsui & Co, ITC has one of the largest petrochemical storage capacities in the US.
($1 = €0.77)
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