Genesis port project to cost $150 million

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News,Business

PORT ALLEN, La. (AP) — Houston-based Genesis Energy L.P. plans to spend $150 million to build its planned oil storage and import/export terminal at the Port of Greater Baton Rouge on the west bank of the Mississippi River.

Bob Deere, Genesis' chief financial officer, said in a telephone interview with The Advocate (http://bit.ly/1jQRtv6 ) most of that money will be spent on storage tanks and pipelines that connect to both the port dock and ExxonMobil's Anchorage Tank Farm in West Baton Rouge Parish.

But Deere said none of the $150 million will be spent on a rail spur that was a topic of discussion Monday during a meeting of the port's board of commissioners, who voted to grant a Genesis subsidiary a 10-year lease on about 91 acres of land for the terminal.

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

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