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Carlyle Group pulls out of Harbor Island VLCC project

Posted at 2:17 PM, Oct 18, 2019
and last updated 2019-10-18 20:32:28-04

Carlyle Group will no longer play a financial role in Lone Star Ports LLC, a $1 billion crude oil Very Large Crude Container (VLCC) export terminal proposed for Harbor Island.

The $1 billion project been mired in controversy, with opposition from local conservation groups and, recently, a lawsuit filed by the Port of Corpus Christi against the City of Port Aransas for breach of contract.

Carlyle notified the port on Oct. 8 "it no longer is involved with Lone Star Ports LLC," leaving the Berry Group as the project's current singular backer.

The Port of Corpus Christi plans to proceed with the project.

“The Port of Corpus Christi’s lease agreement with Lone Star Ports remains in effect, with The Berry Company now the majority owner of the LLC," said Port of Corpus Christi CEO Sean Strawbridge in a statement to KRIS Communications.

The Berry Company, is a local company.

Carlyle did not have an immediate reply.