TankTerminals.com - Houston company buys Marrero river terminal

Houston company buys Marrero river terminal

Houston-based PipeStem Energy Group has acquired the former Chevron terminal in Marrero and plans to expand its capacity.

Houston-based PipeStem Energy Group has acquired the former Chevron terminal in Marrero and plans to expand its capacity.

The Marrero Terminal near milepost 99 on the Mississippi River primarily serves the black oil market, a low-grade crude product.

Terms of the transaction were not released.

“This terminal was the perfect asset to form the cornerstone of a new company. It has rail, truck and deep-water draft ship and barge dock and a terrific location,” PipeStem President and CEO Vincent DiCosimo said.

PipeStem is expanding the capacity of the terminal by 1.5 million barrels. Groundbreaking for the tank expansion is expected in May. New storage will service the black oil market with a portion reserved for renewable fuels. PipeStem also will build storage to suit customers’ needs.

Waterfront capabilities will be expanded to accommodate large ships and additional barges. By the end of the first quarter of 2009, dock expansion will enable the terminal to load and unload ships and barges simultaneously.

PipeStem officials said these and any additional future terminal expansions will expedite the movement of products from barges and ships to eliminate demurrage charges — fees paid when goods aren’t loaded or unloaded within the time allowed.

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Added to TankTerminals.com on: Tuesday, November 18, 2008 by fraser.eadie@portstoragegroup.com.

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