Petroplex International, a Louisiana-based developer of bulk liquid storage terminals, and an associated investment consortium, said it has raised $600 million for a multi-modal bulk liquid terminal in St. James Parish in Baton Rouge.
The planned initial capacity is targeted at 4-6 million barrels, spurred on by what Petroplex President and Chief Operating Officer Mark Helmke said is a “substantial increase in crude oil production from domestic shale formations and Canadian oil sands (that is) rapidly changing North American product supply flows and requires new infrastructure to accommodate its storage.”
He said the St. James region is expected to significantly benefit from new production and crude supply shifts.
“We believe Petroplex is in an ideal location to provide terminal services for the seamless movement and storage of all commercial liquid commodities,” Helmke said.
He said the new terminal will be located close to key intermodal infrastructure, waterways, refineries and manufacturers and will provide a “unique storage solution to producers.”
Construction is expected to start in the first half of 2013 and the facility is scheduled to start commercial operations during 2014.
Petroplex is the only dedicated independent “for hire” terminal services company serving the St. James market.
The consortium consists of Macquarie Group, Quanta Services and Harley Franco, chief executive officer and founder of Harley Marine Services.
—Gary Park
