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Genesis port project to cost $150 million
Question of the Day
PORT ALLEN, La. (AP) - Houston-based Genesis Energy L.P. plans to spend $150 million to build its planned oil storage and import/export terminal at the Port of Greater Baton Rouge on the west bank of the Mississippi River.
Bob Deere, Genesis’ chief financial officer, said in a telephone interview with The Advocate (http://bit.ly/1jQRtv6 ) most of that money will be spent on storage tanks and pipelines that connect to both the port dock and ExxonMobil’s Anchorage Tank Farm in West Baton Rouge Parish.
But Deere said none of the $150 million will be spent on a rail spur that was a topic of discussion Monday during a meeting of the port’s board of commissioners, who voted to grant a Genesis subsidiary a 10-year lease on about 91 acres of land for the terminal.
Port officials said that lease would generate more than $2 million in annual revenue for the port once the subsidiary - BR Port Services LLC - begins storing and exporting oil or other bulk petroleum products to Aframax-class tankers. Those large vessels can range to more than 700 feet in length.
The lease permits BR Port Services to extend its lock on the land for as many as 20 additional years. Information in the lease also indicates that more than 33 million barrels of crude oil or other petroleum products may be run annually through the terminal.
Genesis officials said Tuesday the planned terminal should be operational by the end of the second quarter of 2015.
Information from: The Advocate, http://theadvocate.com
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