Pin Oak Holdings LLC closed on $100 million in equity that will support construction of an independent logistics hub at the Pin Oak Terminals petroleum and chemicals storage facility in Mt. Airy, La. The equity will also support acquisition and development of additional midstream assets in North America.
Dauphine Midstream LLC and Mercuria Energy Group Ltd. led the equity investment, according to a Dec. 5 press release.
Pin Oak Terminals is scheduled to be operational by June 2017.
Mike Reed, CEO, said Pin Oak will serve East Coast customers.
Harris Ziskroit, chief investment officer of Dauphine, said Pin Oak is working with the Port of South Louisiana and residents and the government of St. John the Baptist Parish.
Dauphine Midstream LLC is a portfolio company of Pelican Advisors LLC.
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