Genesis Energy, L.P. (NYSE: GEL) today announced it has completed engineering work, has filed all necessary permits, has executed the necessary railroad agreements and is preparing to commence construction on a new crude oil unit train unloading facility capable of unloading up to two unit trains per day, located in Raceland, Louisiana approximately 20 miles southeast of St. James (Raceland Rail Facility).
The Raceland Rail Facility will initially be connected to existing midstream infrastructure that will provide direct pipeline access to both St. James and Baton Rouge area refineries. In addition, Genesis is in discussions to build pipeline infrastructure for the rail barrels to move south, ultimately providing access to existing infrastructure at Clovelly, LA and connectivity, via existing pipelines, to the vast majority of refineries in Southeastern Louisiana. The strategic location of the facility will have joint access to the Burlington Northern Santa Fe Railway and Union Pacific Railroad facilitating direct hauls via both Class 1 railroads from multiple origination points. The facility is expected to be operational in 2Q 2014.
The total cost to Genesis of the Raceland Rail Facility project, which includes more than 400,000 barrels of new crude oil storage and pipeline infrastructure, is expected to be less than $75 million. Genesis intends to finance the project with funds available under its committed revolving credit facility.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include pipeline transportation, refinery services and supply and logistics. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil and carbon dioxide. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations. The Supply and Logistics Division is engaged in the transportation, storage and supply and marketing of energy products, including crude oil, refined products and certain industrial gases. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida and the Gulf of Mexico.
Genesis Energy, L.P.
Bob Deere, 713-860-2516
Chief Financial Officer
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