BEAUMONT - Coastal Caverns Inc., a subsidiary of Vitol Inc., will join with a Japanese company, Itochu Corp., to spend $500 million to develop storage caverns in the Spindletop salt dome.
The project would be able to process up to 100,000 barrels per day of propane and butane with exporting capability of up to 3 million tons per year.
The company said the site easily could expand for a second phase to allow for more than 6 million tons per year. The site also has permits for up to 30 million barrels of storage capacity.
The company said in a statement that construction would employ about 100 people and create about 30 permanent jobs on expected completion in late 2014.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.