Pin Oak gets $100M investment for petroleum storage terminal
MOUNT AIRY, La. (AP) — Pin Oak Holdings LLC has closed on a $100 million equity investment for a petroleum and chemicals storage terminal being built in St. John the Baptist Parish near the St. James Parish line.
The Advocate reports (http://bit.ly/2hbCux1) the investment in Pin Oak Terminals, located on 431 acres near Mount Airy, was led by Dauphine Midstream LLC and Mercuria Energy Group Ltd., a global energy and commodity group.
The terminal is expected to be operational by June 2017. The site has ship, pipeline, truck and rail access.
Pin Oak said last year it would spend up to $600 million on a terminal, expanding facilities over five years and creating 70 jobs with an average annual salary of more than $60,000, plus benefits.
Information from: The Advocate, http://theadvocate.com
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