Pin Oak Holdings LLC, a Louisiana-based midstream services company that is building a petroleum and chemicals storage terminal along the Mississippi River in St. John the Baptist Parish, announced today that it has secured a combined $100 million investment for the project from a pair of energy companies.
Dauphine Midstream LLC and Mercuria Energy Group Ltd. have agreed to fork over $100 million for the Pin Oak Terminals project, which is being built on 431 acres in the unincorporated community of Mt. Airy, Louisiana, according to a news release. Dauphine Midstream LLC is a midstream services company owned by Pelican Advisors LLC, and Mercuria Energy Group Ltd. is a global energy and commodity group based in Switzerland.
The investment will help Pin Oak Holdings build an independent logistics hub at Pin Oak Terminals, as well as buy and develop additional midstream assets in North America, the release says.
Construction on the Pin Oak facility is expected to be finished by June 2017.
“This investment from Dauphine and Mercuria represents a strategic milestone for Pin Oak that provides the necessary capital to build and grow our first terminal while looking to expand into other areas,” Pin Oak CEO Mike Reed says in a prepared statement.
