Pin Oak Holdings LLC has closed on a $100 million equity investment for a petroleum and chemicals storage terminal being built in St. John the Baptist Parish near the St. James Parish line.

The investment in Pin Oak Terminals, located on 431 acres near Mount Airy, was led by Dauphine Midstream LLC and Mercuria Energy Group Ltd., a global energy and commodity group.

The terminal is expected to be operational by June 2017. The site has ship, pipeline, truck and rail access.

Pin Oak said last year it would spend up to $600 million on a terminal, expanding facilities over five years and creating 70 jobs with an average annual salary of more than $60,000, plus benefits.

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.

"This investment from Dauphine and Mercuria represents a strategic milestone for Pin Oak that provides the necessary capital to build and grow our first terminal while looking to expand into other areas," said Mike Reed, chief executive officer of Pin Oak.

The terminal will serve customers on the Eastern Gulf Coast with storage and logistics capabilities "to help meet the rising market demand of one the largest refining and producing complexes in the world," he said.

"We believe the Lower Mississippi River will continue to grow in importance in the U.S. commodity landscape, and we look forward to our partnership with a top quality operator like Pin Oak," said Brian Falik, chief investment officer of Mercuria. 

"The entire Pin Oak team is focused on not only working with its equity partners but also with the residential community of St. John the Baptist Parish, the Port of South Louisiana and the St. John the Baptist government to ensure the project is a success on every level," said Harris Ziskroit, chief investment officer of Dauphine.

Dauphine is a portfolio company of Pelican Advisors LLC, focused on the development, acquisition and operations of midstream assets around the world. Mercuria is primarily focused on energy. In 2014, Mercuria acquired the physical commodities trading unit of JPMorgan Chase & Co. China National Chemical Corp. completed an investment in Mercuria in 2015.