The Port Commission approved the three agreements with Battleground Oil Specialty Terminal Company, a joint venture between Kinder Morgan and TransMontaigne Partners. Alec Dreyer is CEO for the Port of Houston Authority.
“The bulk storage facility will employ about 75 people full time. The current estimate is they’ll pay somewhere over $7 million a year in property taxes. So it’s just a good economic story for Houston, and I think it’s reflective of what’s going on with all the shale plays in the United States, and this facility will clearly be taking advantage of moving product because of the shale drilling that’s going on.”
The agreements include a 25-five year lease agreement for 55 acres of Port Authority-owned land adjacent to Peggy Lake and on Barnes Island. They also include a marine construction permit and a dredged material agreement. The new terminal is expected to go into operation sometime after 2012.