Tallgrass Energy has acquired more than 600 acres of land along the Mississippi River for $30 million that will be the site for its planned Plaquemines Liquids Terminal.
Once complete the terminal is expected to offer up to 20 million barrels of storage for both crude oil and refined products and export facilities capable of loading Suezmax and VLCC vessels for international delivery.
The land was acquired in accordance with an agreement between the terminal and the Plaquemines Port and Harbour Terminal District. Both parties will work collaboratively to permit and construct the terminal.
As part of the transaction, the port received a 50-acre tract that will serve as a conservation easement, with the rest being used for the Mid-Barataria Sediment Diversion project.
In addition, Tallgrass has signed a binding agreement with an unaffiliated third-party that has the potential to be an anchor shipper and equity partner in the company's proposed Seahorse Pipeline, that would run from Cushing, Oklahoma to both the St. James, Louisiana refining complex and the Plaquemines terminal.
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