[Context: Pin Oak Holdings announced raising $100m from Dauphine Midstream, a portfolio company of Pelican Advisors, and Mercuria Energy Group, a commodities trading house. Pelican Advisors is a family office investor that was also the original sponsor of Pin Oak.]
Pin Oak Holdings announces it has closed on a $100 million equity investment led by Dauphine Midstream and Mercuria Energy
MT. AIRY, La., Dec. 5, 2016 /PRNewswire/ — Pin Oak Holdings, LLC (“Pin Oak” or the “Company”) announced today that it has closed on a $100 million equity investment led by Dauphine Midstream, LLC (“Dauphine”) and Mercuria Energy Group Ltd. (“Mercuria”), a global energy and commodity group. Pin Oak initiated construction on a petroleum and chemicals storage terminal called Pin Oak Terminals located in Mt. Airy, Louisiana that is expected to be operational by June 2017. With this investment, the Company will be able to build an independent logistics hub as well as acquire and develop additional midstream assets in North America.