Genesis Energy, L.P. Announces Expansion of Existing Gulf Coast Rail Facility and Construction of a New Unit Train Rail Facility in Wyoming

Genesis Energy, L.P. Announces Expansion of Existing Gulf Coast Rail Facility and Construction of a New Unit Train Rail Facility in Wyoming : Genesis Energy, L.P. (NYSE: GEL) today announced it will expand its existing rail terminal in Natchez, Mississippi designed to handle straight and/or minimally diluted bitumen delivered by the Canadian National Railway and construct a new unit train loading facility in the heart of the Powder River Basin of the Niobrara Shale Play (Pronghorn Rail Facility).

At the Natchez terminal, Genesis is finalizing Phase I of the facility which includes 40 railcar spots to be completed in June 2013. Due to significant demand for the flexible capacity at the facility, Genesis is moving forward with a Phase II expansion to provide an additional 60 railcar spots and additional heated tanks to be fully operational in late 2013.

After receiving all necessary permits in early April, Genesis has since begun construction of the Pronghorn Rail Facility, a new unit train loading facility in the heart of Converse County, just north of Douglas, Wyoming. The unique location along the Orin Subdivision will make it the only unit train export facility in the Powder River Basin to be jointly served by each of the Burlington Northern Santa Fe Railway and Union Pacific Railroad, providing maximum destination optionality for shippers. The facility will be tied-in to Genesis’ existing gathering system in the region and is expected to be fully operational in late 2013.

Genesis is finalizing the commercial agreements with a number of third-party customers that substantially underpin its investments at these two locations. The total cost to Genesis of the Natchez Phase II and Pronghorn Rail Facility projects is expected to be approximately $75 million. Genesis intends to finance the projects 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.

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Source : businesswire

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