Pin Oak Terminals said it will spend $600 million to build a petroleum storage terminal in St. John the Baptist Parish, an investment that will create 70 jobs.

Louisiana’s economic development department said the new jobs will have an average annual salary of more than $60,000, plus benefits. The terminal is expected to create 81 indirect jobs and 250 construction jobs.

The terminal will be located on a 431-acre site along the east bank of the Mississippi River at Mount Airy, near the St. John/St. James parish line. Pin Oak Terminals is permitted to build storage tanks and units capable of holding up to 10 million barrels of petroleum liquids.

The terminal will receive, blend and store various liquid products. Construction of the terminal is expected to start this year and operations will begin in late 2016.

Pin Oak Terminals said it plans to expand its operations over the next five years. Mike Reed, chief executive officer, said the company will grow through customer service, safety-first work habits and environmental awareness.

“The terminal will bring new jobs and economic activity to the community and we are enthusiastic about being a longstanding partner with the Port of South Louisiana, the state of Louisiana, and St. John the Baptist Parish. We plan to grow the facility over time and work with our partners to continue on past successes,” Reed said.

Pin Oak Terminals has been talking to the state about building the terminal since October 2012. The company is expected to usee the state’s Quality Jobs Program.