NEW ORLEANS — On Oct. 31, New Orleans-based logistics company IMTT announced that it has closed on the sale of its bulk liquids storage terminals in Alamogordo, N.M.; Bremen, Ga.; Macon, Ga.; Montgomery, Ala.; and Moundville, Ala. to Jet Infrastructure, based in Colorado.
IMTT said the terminals represent approximately one million barrels of storage capacity, leaving it with 41 million barrels of capacity at its 11 other locations nationwide and in Canada. All of those sites can facilitate marine product movements. Eight have deep water dock capabilities.
“The proceeds from this sale will be reinvested into current and future growth projects, allowing us to continue executing our greener and cleaner strategy,” said IMTT Chairman and CEO Carlin Conner in a press release. “As of today, over half of IMTT’s revenue in 2023 is expected to be generated from the storage and handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals. At the same time, we remain committed to supporting our legacy petroleum positions in advantaged markets across the US and Canada.”
Founded in 1939, IMTT specializes in the handling and storage of bulk liquid products, especially energy transition fuels, feedstocks and petrochemicals. The company employs 80 people in New Orleans and 850 across its North American operations. It has access to ship, barge, truck, rail and pipeline transportation services and moves about 420 million barrels of product annually across its 11 terminals in North America (including three in Louisiana).
IMTT said that, since 2017, its storage revenue has seen a 17% increase in chemicals storage and a 35% increase in renewables, vegetable oils and animals fats. This year, the company expects to be connected to nearly one third of the nation’s renewable diesel production capacity. In 2023, the 60% of IMTT’s Louisiana operations revenue is expected to come from non-petroleum products.
This story was updated on Nov. 1 with additional detail from IMTT.
