Corpus Christi Okays Letter of Intent on Oxy Ingleside Buy
The Port Commission of Corpus Christi approved a letter of intent (LOI) with Oxy Ingleside Property Holdings, a wholly owned subsidiary of Occidental Petroleum Corporation , to buy a major portion of former U.S. Naval Station Ingleside (NSI) at a…
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special Commission meeting March 27. Wholly-owned Occidental Chemical Corp. 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. The agreement covers about 816 acres at NSI and the 435 acres adjacent. Completion of the transaction is subject to further approval by both the Port Commission and Occidental Petroleum’s board. Closing would take place within 60 days after the "due diligence" period.