Pin Oak leaders pledge to put Mt. Airy on map after $100M investment

Published 12:03 am Wednesday, December 7, 2016

MT. AIRY — Pin Oak Holdings announced a $100 million equity investment in its operations, seemingly clearing the way for growth within its operations.

Pin Oak is constructing a liquid and chemicals storage terminal on 431 acres along the Mississippi River in Mt. Airy. Company leaders said the facility is permitted to hold up to 10 million barrels of product — a capacity company officials hope to reach in two years — and there are plans to expand further than that.

The investment announced this week is led by Dauphine Midstream and Mercuria Energy Group, a global energy and commodity group.

Pin Oak’s Mt. Airy operation is expected to be operational by June 2017.

With the investment, Pin Oak 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.

“Together with our equity partners, Dauphine and Mercuria, we will be constructing and operating a terminalling business that will meet customer and industry needs as an independent midstream company.”

Pin Oak Government Relations Administrator Danny Guidry told L’OBSERVATEUR this year company leaders are already scouting land in St. John Parish and would like nothing more than continuing to do business with the Parish they are used to.

Specific expansion plans or new projects were not announced this week.

Tricia Leboeuf, Pin Oak public relations director, said business is very successful and officials are happy to gain the support of a major oil investment company, “which will help us grow even further.”

“We have embraced the community of Mt. Airy,” Leboeuf said. “Our goal is to revitalize the community. Public safety, drainage and economic development are specific ways Pin Oak Terminals has assisted them.”

Leboeuf said company leaders are working with churches in the area and recently provided Thanksgiving Day baskets to St. Mark Baptist Church.

Additional plans call for toy donations to Mt. Airy churches.

“We are actively working with Parish President (Natalie) Robottom to help with the drainage,” Leboeuf said.

“We’ve installed crime cameras. This week we are partnering with St. John the Baptist Parish Sheriff’s Office to help clean up the trash on the side of the road in Mt. Airy.

“We’ve taken over the fire station and this is just the beginning. Pin Oak Terminals will put Mt. Airy back on the map by our dedication to their community.”

It was October of 2015 that Gov. Bobby Jindal and Reed announced Pin Oak would make a $600 million capital investment in St. John the Baptist Parish.

The terminal project was expected to create 70 new on-site full-time company and contractor jobs with an average annual salary of more than $60,000, plus benefits, according to Jindal’s office.

At the time, Port of South Louisiana Executive Director Paul Aucoin said Pin Oak planned to significantly expand Phase 1 of its operations over five years into a world-class facility at the Mt. Airy location.