Petroplex will now progress with the development of its bulk liquid terminal in St. James Parish, Louisiana after raising sufficient capital.
Petroplex raised the funds along with its consortium partners Macquarie Group, Quanta Services and individual investor Harley Franco, CEO and founder of Harley Marine Services.
The new $600 million (€464 million) terminal will store and distribute crude oil, refined petroleum products, fuel oil, chemicals, renewable fuels and agrichemicals, and will also provide in-tank blending capabilities.
Phase one of this intermodal terminal, which will be able to receive and deliver commercial commodities via a variety of transportation systems including trucks, railcars, marine barges and ocean-going vessels, will see the design, engineering, development and operation of the storage terminal.
‘The substantial increase in crude oil production from domestic shale formations and Canadian oil sands is rapidly changing North American product supply flows and requires new infrastructure to accommodate its storage,’ explains Mark Helmke, president and CEO of Petroplex. ‘The St. James region is expected to significantly benefit from new production and crude supply shifts.’
The facility will be built with 4-6 million barrels of initial storage capacity. Petroplex says it will break ground on the terminal in the first half of 2013, with commercial operations due to commence in 2014.