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.