Magellan Midstream said Valero Energy will join it as a joint venture partner in the $820m Pasadena marine storage terminal in the US Gulf Coast.
Magellan first announced the project last year. The terminal, which is located along Houston Ship Channel, will handle multiple types of clean products including gasoline, diesel and jet fuel, and renewable fuels.
The initial plan called from 1 million barrels of storage and a marine dock capable of handling panamax tankers and barges up to a 40-foot draught.
