HOUSTON, Feb. 19 (UPI) -- Genesis Energy, which has headquarters in Houston, said it would invest $150 million on a new crude oil import and export terminal in Baton Rouge, La.
The company said the terminal will be on a 90-acre plot near the Port of Greater Baton Rouge and connect to existing facilities in the area.
Initially, a company statement said, the facility will be able to store approximately 1.1 million barrels of crude oil and refinery petroleum products.
The site will have the capability to expand to provide additional services to customers, Genesis said.
The company said it had arrangements in place with Exxon Mobil, which has already secured the rights to a portion of the facility's expected capacity.
"We are ... pleased with our growing relationship with Exxon Mobil, which has led to the successful development of this new project," Genesis Chief Executive Officer Grant Sims said.
The company said the Baton Rouge Terminal will go into service by mid-2015.