Wolverine Terminals will make a $30 million capital investment to establish a crude oil terminal and blending operation on a 15-acre Mississippi River site in St. James Parish, Louisiana.
The project, which will feature a 425,000-barrel capacity for storage, blending and domestic shipping, will include rail and dock facility improvements along with storage tank construction that will enable the company to receive crude oil shipments by rail from Canadian and U.S. locations. The company will also be able to ship blended oil products via barge to domestic customers. The Wolverine Terminals project is supported by the following energy investment companies: Gulfport Energy Corp. of Oklahoma City and Wexford Capital LP of Greenwich, Conn.
Gov. Bobby Jindal said, "This project is more great news for St. James Parish and our entire state. Wolverine Terminals joins a long list of companies that recognize Louisiana as the best state in the country for a top-notch workforce, an unmatched energy infrastructure and an outstanding business climate. We're proud to welcome Wolverine Terminals and its investment partners to our state as they help us continue our tremendous economic momentum by creating great new jobs and opportunities for our people."
"We look forward to working in concert with the state and parish in creating jobs for the area," Wolverine Terminals General Manager Terry Wilson said.
As an incentive to secure the project, the state offered the company participation in Louisiana's Quality Jobs Program. Construction will begin in the third quarter of 2013 and be completed by the end of the second quarter in 2014. Hiring will be completed as the company initiates commercial operations at the Paulina site in the second quarter of 2014. With five storage-and-blending tanks, Wolverine will provide a total capacity of 425,000 barrels of crude oil at its St. James Parish facility.
"We are pleased to welcome Wolverine Terminals LLC to our Parish," St. James Parish President Timothy Roussel said. "The decision to choose St. James Parish for this project is not a surprise, as our resources such as the Mississippi River have proven to be a major attraction for Louisiana development. Although Wolverine Terminals will receive our full support during the planning, construction, and operating phases, the community's best interest will remain our top priority. We look forward to the opportunities this project will bring as well as a long and prosperous partnership."