HOUSTON, Jan. 15, 2019 /PRNewswire/ — POTAC, LLC (“Pin Oak” or the “Company”) announced today the acquisition of 236 acres near its terminal in Corpus Christi to further expand its operating capabilities. The newly acquired site is situated adjacent to the Kansas City Southern (“KCS”) main rail line and Corpus Christi rail yard. The site can accommodate in excess of 10 million barrels of bulk liquids storage, as well as the construction and operation of a full unit train solution. Pin Oak plans to connect the site through a short distance pipeline to its main site on the Corpus Christi Ship Channel, offering its customers additional tank capacity, as well as rail loading / unloading capabilities through an operational Union Pacific connection and the KCS.
“We are excited to be expanding our footprint through this acquisition which will bring incremental tankage and logistics solutions to our customers,” said Mike Reed, Chief Executive Officer of Pin Oak Holdings, LLC. “Pin Oak is in a unique position to offer its customers a full logistics solution through its direct refinery connections, Suezmax vessel and barge dock capabilities, truck loading and unloading bays, and direct access to two Class 1 railroads.”
Pin Oak’s main terminal is currently under construction, with brownfield expansion of more than two million barrels of crude storage, all supported by long-term third-party customer contracts. The connection into the Gray Oak Pipeline is currently under construction and the terminal will be a necessary outlay for Permian and Eagle Ford crude. In addition to the crude oil storage and export capabilities, Pin Oak currently operates multiple pipeline connections to nearby refineries, nearly one million barrels of existing storage capacity, a polymer modified asphalt plant, rail loading and unloading facilities, and a truck rack.
Pin Oak is a partnership between Dauphine Midstream, LLC (“Dauphine”) and Mercuria Energy Group Ltd. (“Mercuria”). Dauphine and Mercuria, through their partnership, also built and recently sold Pin Oak Terminals, LLC, a marine liquid bulk terminal with approximately four million barrels of contracted storage capacity in Mt. Airy, Louisiana.
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, more than 1,000 people are operating from offices worldwide to sustain the group’s extensive business reach with their market knowledge, diversity, and experience. The company maintains a strong presence in the Americas, Asia and Europe.
Dauphine is a portfolio company of Pelican Advisors, LLC and is focused on the development, acquisition, and operation of midstream assets throughout the world.
SOURCE Mercuria Energy