CIG Logistics of Fort Worth has acquired an Odessa rail facility from Flint Hills Resources in a deal that closed on Sept. 29.
The purchase price and terms of the acquisition were not disclosed.
The 330-acre property is a logistics hub helping energy companies move crude oil and frac sand via rail and truck to and from the Permian Basin. Union Pacific Railroad serves the facility, which has 29,000 feet of track, including two unit train loop tracks and 10 ladder tracks.
Flint Hills is a refining, chemicals and biofuels company.
“The acquisition of the Odessa terminal continues to demonstrate our long term confidence in the strength of the energy sector and our commitment to making substantial and strategic investments to support our growing customer base,” said Jonathan Green, CEO of CIG Logistics, commenting in a news release.
“We look forward to partnering with our nation’s key industrial companies in the region to improve supply chain logistics and ultimately strengthen our economy,” Green said.
With the acquisition, CIG said it plans to strengthen its core business of transloading energy-related products and the terminal’s substantial size, railcar capacity and location will enable the company to expand its logistics services to additional industries, which will include the construction, aggregate, chemical and automotive sectors.
Ultimately, the terminal is expected to employ many skilled workers, including railroad engineers, conductors and industrial operators.
The Odessa terminal marks CIG’s eighth transloading and storage facility in Texas and New Mexico. The firm operates Texas-based terminals in Lubbock, Slaton, San Antonio, Big Lake, Hugh Springs and Southton, as well as a terminal in Jal, N.M.