Following the acquisition of bankrupt Dunhill Terminals tank farms in May this year Arc Terminals is looking to invest $17 million (12 million) to complete the Alabama Blakeley Island facility and lay the groundwork for possible expansion there.
Arc Terminals also owns the former Dunhill storage terminal in Chickasaw.
Arc said it would hire 10 new employees locally within five years, paying salaries averaging $40,000.
Arc had previously acquired a loan on the terminals from Regions Bank. To gain control of Dunhill, Arc said that it forgave $40 million in debt and paid $500,000 in cash into the bankruptcy case.
At the time of the bankruptcy, papers said Dunhill had the capacity to store 650,000 barrels of oil or other petroleum products at its Chickasaw terminal and had a planned capacity of 850,000 barrels on Blakeley Island.
Arc rents out its tanks to other companies.