According to the application, the port will be located offshore of Freeport, Texas. It will have 4.8 million barrels of storage capacity and add 2 million barrels per day to the U.S. oil export capacity.
In its 94-page decision (pdf), the Maritime Administration said that it had approved the application because the construction and operation of the port is "in the national interest and consistent with other policy goals and objectives."
"The construction and operation of the Port is in the national interest because the Project will benefit employment, economic growth, and U.S. energy infrastructure resilience and security," the administration wrote. "The Port will provide a reliable source of crude oil to U.S. allies in the event of market disruption and have a minimal impact on the availability and cost of crude oil in the U.S. domestic market."