NOLA Oil Terminal Approved for $300 Million Tax Exempt Bond Issuance
NOLA Oil Terminal, LLC announced today that it has been approved by the Louisiana State Bond Commission to issue up to $300 million in tax exempt bonds. This is in addition to funding already secured to commence construction, which began in October 2021, at its 158-acre crude oil and refined products terminal at Mile Marker 59 along the lower Mississippi River in Plaquemines Parish.
NOLA Oil Terminal will be the first of its kind in the region, allowing Mississippi River access for much larger vessels, including New Panamax sized ships. Per the Panama Canal Authority, New-Panamax vessels are the largest vessels able to transit the Panama Canal locks, with maximum dimensions of right at 1,200-foot length, 160-foot beam, 190-foot height, and 50-foot draft.
“As a responsible infrastructure partner to Gulf Coast producers, NOLA Oil Terminal is pleased to be adding efficient and cost saving infrastructure to a part of the Gulf Coast that has not seen significant new infrastructure added in over 40 years,” said Christian Amedee, founder and chief operating officer at NOLA Oil Terminal.
“We are open for business and look forward to engaging with customers as we create much needed jobs and opportunities in Plaquemines Parish,” said Patrick Kelly, chief executive officer. “We are excited to participate in a range of development activities underway in Plaquemines Parish.”
When completed, this terminal will be the newest state-of-the-art facility along the lower Mississippi River and is poised to add further value by offering blending, storing and transferring needs with a superior geographical location. It is these factors, among others, that make NOLA Oil Terminal an attractive business partner.
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Submitted By: Kendra Smith-Parks, Communications Strategist, Gambel Communications
