Canadian Pacific Railway and Global Partners are proposing a $14.8 million (10.8 million) ethanol storage and distribution facility along the Hudson River.
The facility would be based at Global's distribution terminal on the Hudson River just north of the Port of Albany, and adjacent to CP's Kenwood intermodal yards.
The companies are seeking $8.8 million (6.47 million) in federal stimulus money to help pay for the project.
The ethanol would be stored in six tanks owned by Global and will be refurbished should the proposal be accepted.
CP Rail, which owns the Delaware & Hudson Railway, the Soo Line in the Midwest and the Dakota, Minnesota & Eastern Railroad in the upper Midwest, would operate unit trains carrying ethanol from North and South Dakota, Minnesota and other ethanol-producing states to Albany.
The construction, expected to take six months, is scheduled to begin by mid-summer.