Go Back

Braya Renewable Fuels Issues a Request for Proposal for the Provision and Potential Production of Green Hydrogen

November 1, 2022

COME BY CHANCE, NL, Nov. 1, 2022 /PRNewswire/ – Braya Renewable Fuels (“Braya”) has issued an RFP for the provision of green hydrogen as a feedstock for its refinery operations in Come By Chance, NL, Canada, and as a potential export commodity in the form of green ammonia for local, regional, and international markets. Braya is currently repositioning the facility to produce renewable diesel and sustainable aviation fuel (SAF).

Our production of renewable diesel requires substantial amounts of hydrogen feedstock every year. Hydrogen can be derived from many sources, and Braya has existing access to grey hydrogen; however, to produce the lowest carbon intensity rating possible, Braya is interested in acquiring green hydrogen to support its operations. At approximately 35,000 metric tons, this project will be the largest domestic green hydrogen project in Canada to date.

Considering the operational footprint of the refinery, ample access to water, and other existing infrastructure in place, Braya recognizes that the production of green hydrogen can scale beyond its own operational needs. Braya is open to capitalizing on potential opportunities with the successful proponent to scale green hydrogen and green ammonia production, storage, and handling to serve a larger market audience.

As Braya continues to reposition its Come By Chance facility to decarbonize industries using diesel and jet fuel, we have issued this RFP to solicit parties to support us with developing and exploring this opportunity. Proposals are to be submitted by December 19th, 2022.

Further information on the RFP including necessary forms to complete the RFP submission can be found at: www.brayafuels.com/rfp

 

About Braya Renewable Fuels

Braya Renewable Fuels owns and operates the Come By Chance Reinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operations. The reinery has been renamed Braya Renewable Fuels after the provincial braya flower, and is strategically located to deliver fuels to a variety of end markets. The reinery plans to produce renewable diesel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors.

 SOURCE Braya Renewable Fuels

 

Also Published by PR Newswire and Biofuels Digest:

https://www.prnewswire.com/news-releases/braya-renewable-fuels-issues-a-request-for-proposal-for-the-provision-and-potential-production-of-green-hydrogen-301664689.html

https://www.biofuelsdigest.com/bdigest/2022/11/01/braya-renewable-fuels-issues-rfp-for-green-hydrogen/

 

 

Go Back

Blackbuck Resources Announces Expansion of Sustainability-Linked Financing

July 18, 2022

July 18, 2022 (HOUSTON) – Blackbuck Resources LLC (“Blackbuck”), which designs, builds, and operates water infrastructure, announced it has expanded its sustainability-linked term loan with Riverstone Credit Partners LLC, a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings LLC (“Riverstone”).  The upsized financing provides Blackbuck with additional liquidity to execute on accretive growth resulting from recently signed contracts around its Midland Basin and Delaware Basin platforms. The facility’s pricing will be adjusted based upon Blackbuck’s adherence to certain sustainability performance targets, which are defined by key performance indicators set internally by Blackbuck. Blackbuck obtained a second party opinion from Sustainable Fitch that considered the transaction to be aligned with the five pillars of the LSTA Sustainability-Linked Loan Principles.

“The team has been working hard on executing our strategy to bring value to new customers adjacent to our existing platforms. We’re pleased to see this paying off as we continue to sign long-term contracts with new, high-quality customers,” said Blackbuck CEO & President Justin Love. “Riverstone has been a great partner to Blackbuck, and this expansion capital further aligns with our anticipated continued growth in a strong macro environment.”

Foley & Lardner LLP served as legal adviser to Blackbuck.  Baker Botts L.L.P. served as legal adviser to Riverstone.

 

About Riverstone Holdings LLC

Founded in 2000, Riverstone is an investment firm focused on executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the Firm has raised approximately $43 billion of capital, which it has deployed across its platform to over 200 portfolio companies since inception. For more information about Riverstone, please visit www.riverstonellc.com.

Go Back

Lapis Energy Acquires Key Pore Space Rights in the Baton Rouge Corridor

May 9, 2022

Lapis Energy (Lapis) is pleased to announce that it has completed the lease of over 14,000
acres of carbon pore space rights with a private landowner 20 miles west of New Orleans,
Louisiana. Lapis believes the pore space in the area has the potential to store more than 500
million tones of industrial carbon dioxide, and has already begun technical studies to progress
a Class VI permit for the area. Lapis plans to be ready to begin injection by 2025.

Hamish Wilson, CEO of Lapis, commented, “We are delighted to announce our carbon storage
project in the Baton Rouge-New Orleans corridor of Louisiana, where we have acquired a hub
scale storage resource capable of supporting multiple industrial emitters. Lapis is currently
engaged in commercial discussions with a number of industrial emitters in the region. As
demonstrated by our recent agreement with LSB Industries to sequester industrial carbon
dioxide in Arkansas, Lapis’ subsurface technical excellence, combined with its competitive
commercial offering, is an attractive value proposition to emitters requiring a full carbon
abatement solution.”

“Carbon capture and sequestration are important to Louisiana’s efforts to reduce carbon
dioxide emissions while maintaining jobs and growing our manufacturing base,” said Governor
John Bel Edwards. “This effort is a clear demonstration of our ability to grow the Louisiana
economy while lowering the carbon footprint of industry.”

Go Back

Lapis Energy to Develop Carbon Capture & Sequestration Project with LSB Industries

April 28, 2022

Lapis Energy (Lapis) and LSB Industries, Inc. (LSB) (NYSE: LXU) today announced that they entered into an agreement to capture and permanently sequester more than 450,000 metric tons of CO2 per year at LSB Industries’ El Dorado facility in Arkansas. The project will start immediately, with the first CO2 injection expected by 2025, and positions LSB as a leader in the production of blue hydrogen and ammonia via CO2 sequestration. More broadly, the award of this project positions Lapis as a partner of choice for industrial de-carbonisation projects in the United States and internationally.

Hamish Wilson, Lapis CEO stated “The Lapis team is excited and honoured to be selected by LSB to develop this project, and looks forward to working with LSB as it takes its first step in creating and promoting low carbon products. Our vision for Lapis playing a significant role in enabling industrial decarbonisation in both the United States and internationally is becoming a reality and, in working with LSB, we are privileged to be at the forefront of large-scale carbon capture and sequestration (CCS) projects. This project also helps demonstrate that the United Nations’ Intergovernmental Panel on Climate Change (IPCC) recommendations on the role of CCS in achieving global climate change goals are commercially viable.”

The El Dorado project is the first CCS project in the state of Arkansas, and only the third project from ammonia production in the United States. The El Dorado facility is uniquely located above deep geological formations capable of sequestering decades worth of CO2 production from the plant. The project will allow LSB to become one of the first suppliers of low carbon or “blue” ammonia, while reducing its scope 1 GHG emissions by 25%.

Mark Behrman, President, and Chief Executive Officer of LSB Industries, says: “Lapis is the perfect partner for us in our initial low carbon ammonia project given their significant experience and knowledge in the clean energy space. We are pleased to be working with them as we begin what we expect to be the first of several projects that will position LSB as a leader in the decarbonization of hydrogen and ammonia and generate significant long-term value for our shareholders.”

Lapis is enabled by significant funding from Cresta Fund Management (Cresta). Chris Rozzell, Managing Partner of Cresta, commented that “this agreement with LSB further validates our confidence in the Lapis team and their strong technical and commercial approach to CCS projects. We think this project is the first of many on the path to worldwide decarbonization, and we are excited about our role in positioning Lapis to create a world class, pure-play CO2 management company.”

About Lapis Energy LP

Lapis, founded in 2020 by a team of industry-leading experts and backed by Cresta Fund Management, is a Dallas-based, vertically integrated energy infrastructure development firm focused entirely on decarbonization through CCS. With teams located in Europe and Asia Pacific, Lapis is actively building a global portfolio of CCS projects. For more information: www.lapisenergy.com.

About LSB Industries, Inc

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.

Go Back

Come By Chance Refinery (Now Braya Renewable Fuels) Introduces New Executive Team

February 9, 2022

Come By Chance, Newfoundland and Labrador, February 9, 2022 – Braya Renewable Fuels is pleased to announce the new senior leadership team for its Come By Chance refinery facility in Newfoundland and Labrador, adding Frank Almaraz as Chief Executive Officer, Jim Stump as President, Josh Bailey as Chief Commercial Officer, and Luigi Trigilio as Vice President of Logistics.

Cresta Fund Management, a Dallas, Texas-based private equity fund, acquired a controlling interest in the refinery in late-2021 and has been working to build the senior leadership team and convert the facility to renewable diesel and sustainable aviation fuel service with initial nameplate production capacity of 18,000 barrels per day and planned commercial operations in the second half of 2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell renewable products into the United States, Canada, and Europe.

“We are pleased with the Braya leadership team additions,” said Chris Rozzell, Cresta’s Managing Partner. “Braya’s new team members bring decades of energy experience and will supplement the excellent team already in place at the Come By Chance refinery.  We are thrilled to see this world-class facility come online as it will provide a critical pathway to decarbonization for existing diesel and jet fuel consumers.”

“We are extremely excited about the future of the renewable fuel industry and the role Braya will play in this fast-growing space. The Come By Chance refinery and leadership team is well positioned to serve as a cornerstone asset to allow Braya to become a leader in renewable fuel production,” said Braya Chief Executive Officer Frank Almaraz. “We are proud to provide safe and sustainable jobs for the community of Come By Chance and the province of Newfoundland and Labrador, supported by a strong working relationship with the refinery’s unions and employees who have been Braya’s biggest asset in the ongoing refinery conversion process. We are confident that the Come By Chance Refinery will become one of the world’s premier renewable fuels facilities for decades to come.”

Recent additions to Braya’s leadership team include:

 FRANK ALMARAZ – Chief Executive Officer
Frank is a seasoned energy executive with extensive experience leading sustainable energy transitions and organizational transformations at large electric and gas utilities. He joins the team from CPS Energy where he served most recently as its Chief Energy & Sustainability Officer. Frank is focused on establishing Braya as a leader in renewable fuels, and on profitable growth of the company as it scales to meet the rapidly growing decarbonization needs of the global transportation sector.

JOSH BAILEY – Chief Commercial Officer
Josh is the former CEO of Eco-Energy Global Biofuels, located in Franklin, Tennessee. He built his career as a leader at Eco-Energy over 14 years, driving Eco’s growth from an early entrant in ethanol marketing to a multi-commodity trading, logistics, and distribution company. Josh will focus on building the commercial capabilities and team that will maximize the value of Braya’s low carbon fuel platform.

JIM STUMP – President of Refining
Mr. Stump has over 30 years of refining experience across operational and leadership roles at sites across the United States. Prior to joining the Braya team, Jim most recently pioneered the successful conversion of the HollyFrontier Cheyenne refinery to renewable diesel operations. He is committed to safety and quality across the operations he supervises and will ensure that Braya Renewable Fuels sees safe and efficient results as it transitions toward producing renewable fuels.

LUIGI TRIGILIO – Vice President of Logistics
Luigi Trigilio has over 15 years of experience in the energy, petrochemical and renewable fuels space and has led logistics, chartering and supply chain efforts for a variety of major industry participants. Luigi most recently led marine operations at Pilot where he managed all vessel chartering for clean and specialty products and structured commercial arrangements for procurement of feedstocks and delivery of finished products. Luigi will enable Braya to utilize a world-class logistics operation for its feedstocks and products.

Go Back

Cresta Fund Management and Lapis Energy LP Align to Develop Carbon Capture and Storage Infrastructure That Reduces Greenhouse Gas Emissions

December 24, 2021

Dallas TX, December 24th, 2021 – Cresta Fund Management (“Cresta”) and Lapis Energy LP (“Lapis”
or the “Company”) today announced an agreement for Cresta to fund the Company’s origination,
development and implementation of Carbon Capture and Storage (CCS) and clean hydrogen projects
that enable industrial de-carbonisation critical to the achievement of global net zero goals.

Lapis Energy, a Dallas, Texas-based CCS company formed by a team of experienced energy transition
professionals, brings together the strategic expertise of BluEnergy, a global strategic consultancy
with expertise in CCS, clean hydrogen and the development of low carbon markets, and Viridis
Resources, founded by former key members of Kosmos Energy’s industry leading exploration team.

Under the chairmanship of Brian Maxted, former CEO of Kosmos, Lapis Energy will be led by
experienced energy entrepreneur Hamish Wilson and supported by a senior management team
including Glen Cayley, former VP of Shell UK and Brian Mitchener, former exploration head of BG.

“Lapis Energy brings together an exceptionally talented team of people with a sound plan to identify
and develop CCS opportunities. We fundamentally believe that the permanent sequestration of CO2
has a critically important role to play in enabling Energy Transition. We are excited to align with
Cresta Fund Management in playing a leading role in enabling delivery of the Net Zero challenge”
said CEO, Hamish Wilson. “Our alignment with Cresta allows Lapis to pursue a range of opportunities
which I look forward to being able to provide more detail on in the near future.”

“We are pleased to partner with Lapis Energy on their global portfolio of CCS development
opportunities,” said Chris Rozzell, Cresta’s managing partner. “The team brings a unique skillset and
expertise to solving the complex decarbonization challenges faced by heavy industry and
petrochemical companies, many of which have limited near-term greenhouse gas mitigation
alternatives. We are excited that our investment with Lapis Energy allows us to continue to build on
our diverse portfolio of companies with sustainable business plans that materially reduce GHG
emissions.”

Lapis connects major CO2 emitters with the best CO2 storage sites. The Lapis team comprises leading
industry experts with multiple decades of relevant technical, commercial and project experience
with the biggest companies in the world. As the energy industry undergoes a fundamental
restructuring, Lapis combines the rigour of traditional capital project delivery with the innovation
and entrepreneurial thinking necessary to create industrial scale low carbon solutions. The result is
the effective and efficient development and execution of commercially viable projects enabling
global net zero carbon. Born out of the pandemic & remote working systems, Lapis is driven to
leverage the best of global learning with expert local delivery.

For more information, please visit www.lapisenergy.com

 

Go Back

Easton Energy Announces Key Appointments To Management Team

December 8, 2021

December 8, 2021 (HOUSTON) – Easton Energy (“Easton” or the “Company”), a Houston-based infrastructure company that provides transportation and storage services for natural gas liquids, refined products, and petrochemicals, today announced it has appointed G.R. “Jerry” Cardillo as President and Chief Executive Officer effective December 1, 2021. In addition, the Company recently promoted Al Martinez to Chief Commercial Officer from his previous role as Senior Vice President Commercial. The appointments of Mr. Cardillo and Mr. Martinez bring over 80 years of collective experience to the Easton executive team.

Mr. Cardillo brings over 40 years of prior energy industry experience. Mr. Cardillo is a graduate of the United States Merchant Marine Academy and holds an MBA from the University of Louisiana Lafayette. He has been a significant contributor on various upstream, midstream and downstream assignments, most recently as President and CEO at Contanda Terminals LLC (now part of the BWC Terminals). Prior to his role at Contanda, Mr. Cardillo spent over 14 years at Enterprise Products Company where he served as Senior Vice President with overall leadership of the Petrochemicals and Marine services divisions.

Mr. Martinez brings over 40 years of midstream energy experience with extensive industry relationships and institutional knowledge in the Natural Gas Liquids (NGLs) and petrochemical markets. Prior to Easton, Mr. Martinez served as Director of Commercial Development at Martin Midstream. Mr. Martinez spent 35 years at Enterprise Products LP where he served in various leadership roles, most recently as Senior Vice President of NGL Marketing & Supply.

Cresta’s Partner, David Miller, stated, “We’re pleased to add industry veterans Jerry and Al to the Easton executive team and look forward to working with them to continue executing the vision of growth for Easton.”

About Easton Energy

Easton is a Houston based midstream company focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids (“NGLs”), refined products, and petrochemicals. Easton’s primary assets include liquid hydrocarbon salt cavern storage facilities at Markham, TX and approximately 416 miles of product distribution pipelines that connect key markets along the Texas and Louisiana Gulf Coast. Easton is backed by private equity sponsor Cresta Fund Management. For more information, please visit: www.eastonenergy.com.

Go Back

Cresta Fund Management to Acquire a Controlling Interest in the Come By Chance Refinery in Newfoundland, Establishing Braya Renewable Fuels as a Global Leader in the Production of Clean Fuels

November 30, 2021

Come By Chance, Newfoundland & Labrador, Canada, November 30, 2021 – Cresta Fund Management (“Cresta”) has acquired a controlling interest in the NARL refinery located in Come By Chance, Newfoundland, re-naming it as Braya Renewable Fuels (“Braya”) following the acquisition.

Braya will convert the warm-idled refinery into renewable diesel and sustainable aviation fuel service with initial production capacity of 14,000 barrels per day and a planned in-service date of mid-2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell into the United States, Canada and Europe. Braya also will have the ability to grow and adapt alongside increasing North American renewable fuel demand by making modifications to the facility such as expanding total capacity to 35,000 barrels per day, generating green hydrogen, and expanding feedstock flexibility.

Silverpeak, the prior controlling entity, will continue with a minority interest in Braya Renewable Fuels in alignment with Cresta, and will continue as the controlling entity of NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador and surrounding areas and islands.

Chris Rozzell, managing partner at Cresta said: “We are pleased to make this transformative investment in the Come By Chance refinery 50 years following the facility’s original groundbreaking. We are also grateful to the existing team and the Newfoundland and Labrador government for the work they have done to facilitate our involvement. This refinery has a long history of safe and environmentally conscious operations, supported by a strong and experienced workforce. We’re proud to be associated with this new chapter for the refinery as it fully transitions from fossil fuels to the production of sustainable aviation fuel and renewable diesel fuels that will be critical to decarbonizing the aviation and heavy transport sectors. We also applaud the concrete steps the Government of Canada is taking to meet its climate objectives, and we look forward to a collaboration to position Braya Renewable Fuels to play a vital role in boosting the country’s capacity to produce clean fuels.”

Kaushik Amin, a partner at Silverpeak said: “We are excited to partner with Cresta Funds Management to convert the Come By Chance refinery into one of the largest renewable diesel and sustainable aviation fuel production facilities in the world. With support from the Newfoundland and Labrador Government and the dedicated efforts of the Refinery’s employees, the vision of creating a sustainable business that will provide long-term jobs and vital economic activity in the Province has now come to fruition. Premier Furey and Minister Parsons have played a vital role in helping us sustain the facility during the last year and complete the transaction with Cresta. We would also like to thank Minister Seamus O’Regan and MP Churence Rogers who have provided invaluable support to help bring this vision to life. This conversion adds to our investments in the province of over $400 mm since our acquisition of NARL in 2014 and will help the Canadian Government in achieving its climate change goals.”

About Silverpeak

Silverpeak is an alternative investment management firm focused on creating long-term value for its partners in the real estate and energy sectors. Founded in 2010 and headquartered in New York, Silverpeak has acquired more than USD $21 billion of gross asset value across industries, sectors, and geographies. Further information is available at www.silverpeak.com.

 

Go Back

San Joaquin Renewables Secures $165 Million to Build Flagship RNG Project

October 27, 2021

San Joaquin Renewables (SJR) announced today that it reached an agreement with Cresta Fund Management and Silverpeak Energy Partners to invest up to $165 million to develop and construct a biomass to renewable natural gas (“RNG”) project near McFarland, California. Frontline BioEnergy, a leading provider of waste and biomass gasification solutions, is developing the project, which will take orchard residuals and shells from San Joaquin Valley farms and convert them into RNG that will be sold as transportation fuel. The project will also sequester carbon dioxide in an EPA Class VI sequestration well located on the project site. When completed, SJR’s RNG facility will replace the current practice of open burning of agricultural waste with an enclosed system that will produce a non-fossil form of natural gas, capture and store carbon dioxide, and serve as a substitute to diesel; thereby reducing overall greenhouse gas emissions.

Frontline BioEnergy, the project development team, was formed in 2005 to develop, manufacture, and construct biomass and waste gasification technologies. The management team has extensive gasification experience, with a history of successful development and operations, including its Chippewa Valley Ethanol Company facility that converted biomass waste into fuel gas for an ethanol plant.

“The San Joaquin Renewables project will be a showcase for Frontline’s advanced gasification technology,” said Frontline CEO Jerod Smeenk. “The finalization of these agreements will allow us to continue expanding the future of renewable energy technology. We believe this project will serve as a model for many more environmental projects.” For more information, please visit www.frontlinebioenergy.com.

SJR President T.J. Paskach described the project impact. “This project will give California farmers a higher-value outlet for ag waste and will, at the same time, produce super-clean natural gas fuel for displacement of diesel fuel. We’re excited to be building this plant in McFarland and appreciate the collaborative spirit the city leaders have shown us. The environmental benefits to the local residents and the state of California are real and huge.”  For more information, please visit www.sjrgas.com.

“We are pleased to align with the Frontline team to develop the San Joaquin Renewables project,” said Chris Rozzell, Cresta’s managing partner. “The project has the exciting potential to both mitigate greenhouse gas emissions and improve overall air quality in the San Joaquin Valley. Agricultural greenhouse gas emissions, which are notoriously difficult to mitigate, comprised 10% of overall U.S. emissions in 2019. We are glad to contribute to the Frontline team’s efforts to address these emissions.”

“We are excited to partner with Frontline and Cresta to build a largescale RNG project in the San Joaquin Valley, which will significantly reduce agricultural greenhouse emissions from the region,” said Kaushik Amin, a partner at Silverpeak. “The Valley experiences some of the worst air quality in the U.S., and the project provides a proven solution that is supported by the local community.”

About Cresta

Cresta is a growth-oriented private equity firm that invests in sustainable and conventional energy and industrial infrastructure. Founded in 2016 and headquartered in Dallas, Texas, Cresta Management’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations. For more information, please visit www.crestafunds.com.

About Silverpeak

Silverpeak is an alternative investment management firm focused on creating long-term value for its partners in the real estate and energy sectors. Founded in 2010 and headquartered in New York, Silverpeak has acquired more than $21 billion of gross asset value across industries, sectors, and geographies. For more information, please visit www.silverpeak.com.

Media Contact: info@sjrgas.com

Source: San Joaquin Renewables

Go Back

Global Infrastructure Partners Announces Preferred Equity Investment in Easton Energy

September 30, 2021

NEW YORK, NY – September 30, 2021 – Global Infrastructure Partners (“GIP”) announced that it has made a preferred equity investment of up to $245 million in Easton Energy LLC (“Easton”). Easton is a Houston based midstream company focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids (NGL), refined products, and petrochemicals along the Gulf Coast. Easton’s assets include liquid hydrocarbon salt cavern storage facilities in Markham, Texas, and roughly 450 miles of pipelines that connect key product markets along the Texas and Louisiana Gulf Coast.

GIP is making the investment through Global Infrastructure Partners Capital Solutions Fund II (“GIP CAPS II”), part of GIP’s Credit platform (“GIP Credit”). The Easton investment represents the second commitment made by GIP CAPS II. CAPS provides customized credit financings for infrastructure issuers in GIP’s core sectors of midstream energy, power, renewables, energy transition, transport and water/waste, while leveraging GIP’s significant operating expertise.

Proceeds from the investment will be used to fund the organic growth of Easton’s asset base and other strategic growth opportunities, with a tailored delayed draw structure to support both existing and future growth projects. Easton is backed by Cresta Fund Management, a growth-oriented, middle market-focused private equity firm that invests in sustainable and conventional energy, industrial, materials, and agricultural infrastructure. The highly experienced Easton management team brings considerable experience in managing natural gas liquids and feedstock transportation and distribution services.

Denny Sreckovic, Managing Director at GIP, said: “We are very pleased to have entered into this transaction with Easton and its sponsor, Cresta. Easton’s assets provide services that are core to its Gulf Coast midstream and petrochemical customers. This investment exemplifies GIP’s ability to provide tailored financing solutions for high quality, critical infrastructure projects and partner with experienced management teams and sponsors.”

Brad Ramsey, President and CEO of Easton, said: “We welcome this opportunity to partner with GIP, a leading infrastructure investor with experience in the midstream sector. GIP was able to tailor a Preferred Equity financing structure that optimally supports our continued growth capital needs and complements our existing capital structure. We view GIP as an important financial partner as Easton looks to continue its strategic infrastructure expansion.”

Evercore acted as financial advisor to Easton and the company received legal counsel from, Willkie Farr & Gallagher. Latham & Watkins provided legal counsel to GIP.

About Global Infrastructure Partners

Global Infrastructure Partners (“GIP”) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP Credit provides financing solutions and makes debt and non-common equity investments in infrastructure assets and companies. For more information, visit www.global-infra.com.

Go Back

Sentinel Midstream Announces New Joint Venture Serving the Houston Energy Market

October 4, 2021

RICHARDSON, TexasOct. 4, 2021 /PRNewswire/ — Sentinel Midstream Texas LLC (“Sentinel”) today announced the formation of a joint venture with ExxonMobil Pipeline Company that owns crude oil pipelines and related transportation infrastructure in the Houston area. The joint venture, Enercoast Midstream LLC (“Enercoast”), provides the critical last-mile link for Permian, Gulf of Mexico, and other barrels in the Houston crude oil market.

For the joint venture, ExxonMobil will contribute two existing crude oil pipelines into Enercoast: a 16-inch pipeline originating at Webster Terminal with delivery points at ExxonMobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station. Sentinel contributed cash for a majority equity position and will be the operator for the joint venture.

As operator, Sentinel brings an experienced, results-oriented management team with a proven track record of maximizing value while maintaining its core values of safe, reliable operations and environmental stewardship.  Sentinel will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow it’s operating footprint by building or acquiring new pipelines.

“We are extremely pleased to establish a joint venture with ExxonMobil to maximize the potential of Enercoast,” said Jeff Ballard, President and CEO of Sentinel.  “Sentinel looks forward to the opportunity to serve ExxonMobil and other shippers in the Houston market.”

Enercoast began serving shippers as a common-carrier pipeline on October 1, 2021.  Enercoast’s tariffs are available on Sentinel’s website.

About Sentinel

Sentinel is headquartered in Richardson, Texas, offering midstream solutions for crude oil transportation, storage, and terminalling.  Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials.

For more information about Sentinel, please visit www.sentinelmidstream.com.

SOURCE Sentinel Midstream

Related Links

www.sentinelmidstream.com