The facility will be designed to handle 4 – 6 million barrels of initial storage capacity which will be further increased to 10 million barrels.
Petroplex president and chief operating officer Mark Helmke said the St. James region is expected to significantly benefit from new production and crude supply shifts.
"We believe that Petroplex is in an ideal location to provide terminal services for the seamless movement and storage of all commercial liquid commodities," added Mark.
"The Project is strategically located in close proximity to key intermodal infrastructure, waterways, refineries and manufacturers and will provide a unique storage solution to producers."
The storage and distribution terminal will handle crude oil, refined petroleum products, fuel oil, chemicals, agrichemicals, renewable fuels, and other commercial liquid commodities and will provide in-tank blending.
First phase of the project includes the design, engineering, development, and operation of the storage terminal that will be able to receive and deliver products through various intermodal systems, including trucks, railcars, marine barges and ocean-going vessels.
Upon completion, the project will be the only dedicated independent "for-hire" terminal services company serving the growing St. James crude and refining market, Petroplex noted.
Construction is expected to begin in the first half of 2013, with commercial operations to commence in 2014.
Petroplex has raised the funds along with a consortium consisting of Macquarie Group, Quanta Services and Harley Marine Services CEO and founder Harley Franco as individual investor.
