TX: The Port Signs Sales Agreement with Oxy Ingleside Property Holdings, LLC for Part of Former U.S. Naval Station Ingleside

The Port of Corpus Christi announced the approval of a sales agreement with Oxy Ingleside Property Holdings, LLC, a wholly owned subsidiary of Occidental Petroleum Corporation (Oxy), for the purchase of approximately 816 acres of the former U.S. Naval Station Ingleside and adjacent Port property for $82.1 million cash. The transaction does not include the former Naval Base “Campus” section. The signing of the sales agreement took place at the scheduled May 8, 2012, Port Commission meeting.

Previously, Oxy deposited a $1 million down payment. With the signing of the sales agreement, a 35-day “due diligence” period begins. Closing on the sales agreement is expected to take place early in the third quarter of 2012. “The Port is pleased with the negotiations with Oxy and we will continue working with them to assure the success of the sale process through closing day,” said Mike Carrell, Chairman of the Port Commission.

Oxy is the third-largest U.S. oil and gas company by market capitalization. Its wholly owned subsidiary Occidental Chemical Corporation has operated a chemical plant in Ingleside since 1987. This new investment in Ingleside would be an expansion of Oxy’s current operations in the area.

About Port Corpus Christi
As the primary economic engine of the Coastal Bend, Port Corpus Christi is the fifth largest port in the United States in total tonnage. The Port’s mission is to “serve as a regional economic development catalyst while protecting and enhancing its existing industrial base and simultaneously working to diversify its international maritime cargo business.” Strategically located on the western Gulf of Mexico, with a straight 45’ deep channel, the Port provides quick access to the Gulf and the entire United States inland waterway system. The Port delivers outstanding access to overland transportation with on-site and direct connections to three Class-1 railroads and uncongested interstate and state highways. The Port is protected by a state-of-the-art security department and an award-winning Environmental Management System. With outstanding management and operations staff, Port Corpus Christi is clearly “More Than You Can Sea.”