Approximately 5.8 acres at 2901 Highway 365 in Port Arthur sold March 2016 to an undisclosed buyer. The sellers were represented by Mike Wong of KW Commercial. Port Arthur is still experiencing rapid commercial expansion and development due to oil and gas despite destabilizing prices.
Port Athur is a major base of the US refining capacity. Motica Enterprises is under the largest US refinery expansion in 30 years with a $10 billion project to expand capacity to 600,000 barrels per day. Valero formerly Premcor Refining completed at $775 million expansion of its petrochemical plant. BASF/Fina commenced operations of a new $1.75 billion unit.
With low oil pricing it is possible for foreign and domestic petrochemical companies to possibly acquire or expand into the refinery industry while production costs are lower. Assets and facilities of struggling companies may become acquisition targets and opportunities for larger companies. Expansion and investment interests have grown from foreign companies in Saudi Arabia, Dubai, and China.
For opportunities contact Mike Wong at 713-935-5800
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