The Port of Corpus Christi in Texas announced on Tuesday a sales agreement with Oxy Ingleside Property Holdings, a subsidiary of Occidental Petroleum Corp., to buy about 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.
Previously, Oxy deposited a $1 million down payment, the port authority said. 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.
Oxy is the third-largest U.S. oil and gas company by market capitalization. Its subsidiary Occidental Chemical Corp. has operated a chemical plant in Ingleside since 1987. This new investment in Ingleside will be an expansion of Oxy’s current operations in the area, the port authority said.
Corpus Christi to sell 816 acres to Oxy
