OMAHA, Neb. and BEAUMONT, Texas, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) and Jefferson Energy Companies, a subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI), today announced that their joint venture, JGP Energy Partners, loaded its first vessel with nearly 3 million gallons of ethanol destined for Brazil. The joint venture is currently loading its second shipment of 10 million gallons of ethanol on a vessel bound for India.
"This state-of-the-art terminal aligns with our strategy to grow our downstream distribution capabilities and optimize our logistics platform," said Todd Becker, president and chief executive officer of Green Plains. "We can now provide an end-to-end solution, from production to delivery, for our customers worldwide at one of the most efficient export loading facilities for ethanol that exists in the marketplace today. In addition, we can now service domestic demand because of our access to three Class I railroads, inbound/outbound barges and trucks, and better locational advantages due to fewer weather and incident-related delays than competing terminals."
"We are excited to commence operations with our partner, one of the largest ethanol producers and traders in North America," said Greg Binion, president and chief
executive officer of Jefferson. "The joint venture created infrastructure at Jefferson Beaumont to distribute ethanol to worldwide markets. Green Plains Trade Group will be a customer of the terminal, which is designed to serve multiple ethanol export customers with differing specification requirements. The terminal's multimodal capabilities and sustainable cost-advantaged logistics will contribute to the success of this joint venture."
The newly constructed $50 million export and import fuels terminal has direct mainline service with the Union Pacific, BNSF and KCS railroads, and can simultaneously receive and unload two ethanol unit trains at high flow rates of 7,000 barrels per hour. The terminal currently features four storage tanks with a
working capacity of 550 thousand barrels designed to quickly change between various export grades and domestic specifications. The terminal also includes two truck loading bays that can throughput 20,000 barrels per day, a barge loading dock capable of loading 5,000 barrels per hour on inland and offshore barges, and a vessel dock capable of loading up to 10,000 barrels per hour on Aframax-size chemical tankers and medium range vessels.
"The completion of this project solidifies our position as a preferred supplier able to offer our customers product when they want it, where they want it, and how they want it as exports continue to grow over the next several years from the U.S.," added Becker.
The joint venture leveraged the existing infrastructure at Jefferson's Beaumont, Texas terminal and completed
construction under budget in less than 12 months. Green Plains plans to offer its interest in the joint venture to its master limited partnership, Green Plains Partners LP (NASDAQ:GPP), during the first half of 2018.
About the Jefferson Energy Terminal
The terminal is owned and operated by Jefferson Energy Companies, a midstream oil and terminal company that serves the Gulf Coast. The terminal is located on 243 acres in Beaumont, Texas, positioned in one of the largest refinery markets in the U.S., located in the center of the 9.2 million bbdGulf Coast refining market (PAD III). The terminal is a public-private
partnership between the Port of Beaumont Navigation District of Jefferson County, Texas and Jefferson Energy Companies. The Port of Beaumont is the fourth busiest port in the United States, according to the U. S. Army Corp of Engineers tonnage statistics, and the busiest military port in the U.S. The terminal is currently served by three Class I railroad carriers, allowing delivery from most origination terminals and plants in North America.
About Fortress Transportation and Infrastructure Investors LLC
Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) 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 more information about FTAI, visit www.ftandi.com.
About Green Plains
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feedlots, food
ingredients, and commodity marketing and logistics services. The company is the second largest consolidated owner of ethanol production facilities in the world with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.
About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains
Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include words such as "anticipates," "believes," "estimates," "expects," "goal," "intends," "plans," "potential," "predicts," "should," "will," and other words with similar meanings in connection with future operating or financial performance.
Such statements are based on each company's management's current expectations, which are subject to various factors, risks and uncertainties that may cause actual results, outcomes, timing and performance to differ materially from those expressed or implied. Green Plains, Jefferson Energy Companies and FTAI may each experience significant fluctuations in future operating results due to a number of economic conditions, including competition in the industries in which they operate; commodity market risks, including those resulting from current weather conditions; financial market risks; counterparty risks; risks associated with changes to federal policy or regulation; risks related to closing and achieving anticipated results from acquisitions; risks associated with the joint venture to complete the unit train terminal; and other risks detailed in Green Plains' and FTAI's respective
reports filed with the Securities and Exchange Commission, including their respective annual reports on Form 10-K for the year ended Dec. 31, 2016, and subsequent filings with the SEC. None of Green Plains, Jefferson Energy Companies or FTAI is obligated nor intends to update its forward-looking statements at any time unless it is required by applicable securities laws. Unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Investors & Media Contacts:
President, Investor & Media Relations
Green Plains Inc.
Fortress Transportation and Infrastructure Investors LLC
Terminal Commercial Contacts
Vice President - Commercial De
Jefferson Energy Company
Chief Development Officer
Green Plains Inc.
Source: Fortress Transportation and Infrastructure Investors LLC
; Green Plains Inc.
, Jefferson Gulf Coast Energy Partners
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