Jefferson Energy, Aramco Trading Americas Execute Agreement for Bi-Directional Flow on Jefferson Southern Star Pipeline; Will Provide Access from Marketlink Pipeline to Jefferson Energy’s Beaumont Terminal
June 13 2024 - 4:15PM
FTAI Infrastructure Inc. (NASDAQ: FIP) (the “Company” or “FTAI
Infrastructure”) today announced that a subsidiary in its Jefferson
Terminal segment (“Jefferson Energy”) has executed a multi-year
terminal services agreement with Aramco Trading Americas LLC. The
agreement includes the future receipt of new crude oil volumes at
Jefferson Energy’s Main Terminal in Beaumont, Texas by the addition
of bi-directional flow capability to the 14-mile, 24” Jefferson
Southern Star Pipeline, currently in service for movements of crude
oil from Jefferson Energy’s Main Terminal to the Motiva Port Neches
Terminal. The newly bi-directional Jefferson Southern Star
Pipeline, with 400,000 bbl/day of capacity, will be directly
connected to the Motiva-TC Energy Port Neches Link, opening up
Jefferson Energy’s Main Terminal to crude oil volumes from the TC
Energy Marketlink Pipeline System, a 750,000 bbl/day crude oil
pipeline from Cushing, OK to the U.S. Gulf Coast.
Jefferson Energy’s Main Terminal is a 6.2 MMbbl
storage terminal and multi-modal transloading facility situated on
a 250-acre site on the Neches River, handling crude oil and refined
products with pipeline connectivity to the 630,000 bbl/day Motiva
Port Arthur Refinery and the 630,000 bbl/day ExxonMobil Beaumont
Refinery. Jefferson Energy’s Main Terminal has three docks capable
of handling barges, Aframax, and Suezmax vessels for
inbound/outbound product movements, and over 23 miles of rail
track, with four separate unit train rail loading systems.
Significant heating and blending capabilities for heavy crude oil,
including Uinta Basin wax, uniquely position Jefferson Energy’s
Main Terminal as a premier multimodal facility in the U.S. Gulf
Coast. For more information on Jefferson Energy, please
visit www.jeffersonenergyco.com.
“We are very pleased to work with Aramco Trading
Americas to develop a customized package of terminal services
responsive to Aramco Trading Americas’ needs,” said Ken Nicholson,
Chief Executive Officer of FTAI Infrastructure. “In particular, we
look forward to the enhanced service optionality that will be
opened up by bi-directional flow on the Jefferson Southern Star
Pipeline. This important project will enable Jefferson Energy’s
Main Terminal customers to access an additional major pipeline
system for light crude, along with Jefferson Energy’s established
connectivity to Delek’s Paline Pipeline. The light crude markets
made readily accessible to our customers by this project will
further unlock the potential represented by Jefferson Energy’s
Uinta Basin wax crude blending and handling capabilities, creating
value for our customer base in handling this unique, highly sought
after crude oil.”
About FTAI Infrastructure
Inc.
FTAI Infrastructure primarily invests in
critical infrastructure with high barriers to entry across the
rail, ports and terminals, and power and gas sectors that, on a
combined basis, generate strong and stable cash flows with the
potential for earnings growth and asset appreciation. FTAI
Infrastructure is externally managed by an affiliate
of Fortress Investment Group LLC, a leading, diversified
global investment firm.
About Aramco Trading Americas
LLC
Aramco Trading Americas LLC (ATA) is the U.S.
subsidiary of Aramco Trading Company and is part of the Aramco
group, a global leader in energy and chemicals. Located in Houston,
ATA provides world-class products and services, and contributes to
societies around the world by connecting customers and markets. ATA
is recognized as a valued trading partner of refiners, shipping
companies, financial institutions, and end-users. More information
about ATA is available at www.aramcotrading.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the future implementation of,
and potential outcomes associated with, bi-directional flow
capability on the Jefferson Southern Star Pipeline. These
statements are based on management’s current expectations and
beliefs and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements, many of which are
beyond the Company’s control. The Company can give no assurance
that its expectations will be attained, and such differences may be
material. Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release. For a
discussion of some of the risks and important factors that could
affect such forward-looking statements, see the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s
most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, which are available on the Company’s website
(www.fipinc.com). In addition, new risks and uncertainties emerge
from time to time, and it is not possible for the Company to
predict or assess the impact of every factor that may cause its
actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based. This release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities.
The information contained on, or accessible
through, any websites included in this press release is not
incorporated by reference into, and should not be considered a part
of, this press release.
For further information, please contact:
Alan AndreiniInvestor RelationsFTAI Infrastructure Inc. (646)
734-9414aandreini@fortress.com
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