Baton Rouge port approves lease for oil storage

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News,Business,Louisiana,Oil

BATON ROUGE, La. (AP) — Port of Greater Baton Rouge commissioners have approved a lease for BR Port Services LLC's use of about 91 acres to store and pump millions of barrels of oil and other petroleum products annually to large ocean-going vessels.

Jay Hardman, the port's executive director, says the lease means more than $2 million in annual revenue for the port. Should BR Port Services exercise a lease option it holds on another 30.8 acres, it could pay the port more than $2.6 million annually.

BR Port Services could cancel the agreement prior to March 31, 2015.

"After that (March 31, 2015), they have no more opportunity to get out of it," Barry Wilkinson, the port's director of corporate and legal affairs said.

The Advocate reports (http://bit.ly/1f8WnRW ) commissioners also made the lease conditional upon BR Port Services' agreement to limit the capacity of one storage tank on a 5.68-acre tract near a Port Allen baseball field to 20,000 barrels.

Commissioners also made the lease conditional upon BR Port Services' agreement to limit the capacity of one storage tank on a 5.68-acre tract near a Port Allen baseball field to 20,000 barrels.

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Information from: The Advocate, http://theadvocate.com

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