Tampa Port commissioners have voted to lease 43 acres to an affiliate of International Oil Trading.
International Oil Terminals Tampa plans to build a $70 million (47.7 million) facility to store and distribute oil, petrol and biofuels shipped into the port. The terminal will be among Tampa's largest, with 15 to 25 tanks and capacity of 1.1 million barrels. Operations should begin by January 2010.
As part of the deal, the Tampa Port Authority will spend $25 million to expand one petroleum vessel dock and build another. The publicly-owned docks, already in the port's capital improvement plans, will be available to petroleum companies besides International Oil Terminals, port director Richard Wainio says.