New Orleans-based International-Matex Tank Terminals LLC (IMTT) announced its next major project in the renewable fuels space.
IMTT will build additional tanks, pipeline, and dock infrastructure at its Geismar, Louisiana marine terminal to handle renewable feedstocks and renewable products, including renewable diesel, biodiesel and other products.
The company said it expects to hire eight new permanent employees as a result of the projected $100 million project and will be partnering with vendors and contractors, generating additional employment. Construction of new infrastructure and equipment as part of the project will support additional construction jobs.
Backed by a long-term contract with Renewable Energy Group, Inc. (REG), the project will support REG’s nearby biorefinery expansion, which is expected to be completed in 2023, bringing aggregate production capacity of finished renewable diesel products to 340 million gallons per year.
The expansion of IMTT’s Geismar terminal will include the construction of six new storage tanks to be used for the storage of biodiesel, renewable diesel, and feedstocks, nearly doubling the terminal’s current storage capacity. The company will also construct two pipelines and related dock and loading infrastructure to support REG’s biorefinery expansion. With the addition of this project, IMTT expects to be connected via pipeline to nearly one-third of the nation’s renewable diesel production capacity (currently under construction) as of 2023.
“We are thrilled to continue to grow our guaranteed cash flows by investing in long term relationships with market leading counterparties. Additionally, projects like this further extend our participation and know how into the growing low-carbon and alternative fuels markets. These investments are a perfect complement to our legacy business,” said IMTT CEO Carlin Conner.
“We are proud to partner with IMTT in making this capacity expansion, which supports our ability to deliver lower carbon fuels to our customers in an efficient and sustainable manner,” said REG CEO CJ Warner. “The launch of this project is a significant milestone for IMTT and REG as we collectively grow our renewable offerings in Geismar.”
