Dauphine Midstream, Mercuria Energy $100 million equity investment closes
MT. AIRY, La. -- Pin Oak Holdings, LLC announced that it has closed on a $100 million equity investment led by Dauphine Midstream, LLC and Mercuria Energy Group Ltd., a global energy and commodity group.
Pin Oak initiated construction on a petroleum and chemicals storage terminal called Pin Oak Terminals located in Mt. Airy, Louisiana, which is expected to be operational by June 2017. With this investment, the company will be able to build an independent logistics hub as well as acquire and develop additional midstream assets in North America.
"This investment from Dauphine and Mercuria represents a strategic milestone for Pin Oak that provides the necessary capital to build and grow our first terminal while looking to expand into other areas," said Mike Reed, Chief Executive Officer of Pin Oak.
Mercuria continues to expand its relationships with local firms to ensure volume flow and access to competitive markets. "This is a significant U.S. terminal company investment and we are confident that Pin Oak will build an independent, world-class company to meet the market's needs," said Brian Falik, Chief Investment Officer of Mercuria. "We believe the Lower Mississippi River will continue to grow in importance in the U.S. commodity landscape, and we look forward to our partnership with a top quality operator like Pin Oak."
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