November 11, 2008
PipeStem Energy Acquires Marrero Terminal
The PipeStem Energy Group has acquired the former Chevron terminal at Marrero, Louisiana near New Orleans. The newly-named Marrero Terminal is located near milepost 99 on the Mississippi River. The terminal primarily serves the black oil market.
The PipeStem Energy Group has announced that it is expanding the capacity of Marrero Terminal by 1.5 million barrels. New storage will service the black oil market with a portion reserved for renewable fuels.
By the end of first quarter of 2009, dock expansion will enable the Marrero Terminal to load and offload ships and barges simultaneously. Existing and future expansion of the terminal is designed to expedite movement of product from barges and ships to eliminate demurrage charges frequently incurred in the black oil business.
Vincent Cosimo, president and CEO of the PipeStem Energy Group, said: "This terminal was the perfect asset to form the cornerstone of a new company. It has rail, truck, and deepwater draft ship and barge dock and a terrific location."