Fortress Transportation and Infrastructure LLC and Jefferson Energy Companies Announce the Successful Completion of the South...
April 12 2021 - 6:55AM
Fortress Transportation and Infrastructure Investors LLC
(NYSE:FTAI) and Jefferson Energy Companies (“Jefferson Energy”) are
pleased to announce the successful completion of the Southern Star
pipeline project. This project consists of a 24-inch crude oil
pipeline connecting the Jefferson Energy terminal to the Motiva
Port Neches terminal in Port Neches, TX. The Southern Star pipeline
allows for ratable and efficient oil pipeline movements between the
two locations and provides pipeline throughput capacity up to
288,000 barrels per day of light and heavy crude oil. Through
premium design engineering and construction techniques, the
pipeline can flow oil with an API as low as 15 degrees allowing for
pipeline movements of blended and straight run crude oils.
Jefferson Energy expects crude types originating from all of the
major North American production basins, including, but not limited
to, Western Canada, Permian, Mid-Continent, Bakken and Rockies,
will utilize the pipeline.
“In conjunction with the Motiva project team,
Jefferson Energy has worked long and hard to bring the Southern
Star pipeline from concept to reality. This pipeline is another
example of Jefferson Energy working with a strategic customer and
partnering with them to provide a solution that makes logistical
and economic sense for both parties,” said Matt Evans, Executive
Vice President and Chief Commercial Officer of Jefferson Energy.
“The Fortress Transportation and Infrastructure management team
continues to support accretive projects like this and the long-term
vision of the Jefferson Energy terminal is quickly coming
together.”
The Jefferson Energy terminal is located on the
Neches River in the heart of the Beaumont, TX refining complex. The
Jefferson Energy terminal has been in operation since 2012 and
currently has over 4.3 million barrels of heated and unheated
storage servicing both crude oil and refined products. In addition
to the terminal’s storage and blending capabilities, the terminal
has six rail loop tracks, is triple served by the BNSF, KCS, and
Union Pacific railroads and utilizes two marine docks for regional
and global marine movements.
Jefferson Energy will continue to develop
additional logistics solutions for its customers through
incremental storage, marine and rail capabilities, and pipeline
connectivity. Jefferson Energy is owned and funded by Fortress
Transportation and Infrastructure, which is a publicly traded
entity specializing in infrastructure investments globally and
across North America.
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 ratable and efficient oil
pipeline movements between the two locations, daily pipeline
throughput capacity, pipeline oil flow and movements of blended and
straight run crude oils, the expectation that crude types
originating from all of the major North American production basins,
including, but not limited to, Western Canada, Permian,
Mid-Continent, Bakken and Rockies, will utilize the pipeline and
Jefferson Energy’s ability to develop additional logistics
solutions for its customers through incremental storage, marine and
rail capabilities, and pipeline connectivity. 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.ftandi.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.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure and
equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
For further information, please
contact:
Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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