HOUSTON, July 12, 2016 /PRNewswire/ -- TopSail Energy, LP ("TopSail"), a recently-formed midstream energy company, completed the acquisition of a 44-acre undeveloped industrial site in Baytown, Texas and will commence construction on a new processing facility to recycle and repurpose used motor oil into marketable feedstocks, fuels and additives.
TopSail is targeting the first quarter of 2017 to place the Baytown facility in-service with the ability to receive and process over 125,000 gallons per day of used motor oil into a wide range of products such as fuel for use in marine vessels and power plants, feedstocks for refineries, and additives for home heating oil and asphalt. In addition to establishing a premier Gulf Coast site for recycling used motor oil, TopSail's Baytown property has nearly 40 acres of undeveloped industrial-zoned land being marketed for liquids storage, logistics and processing opportunities. Financing for the initial Baytown site and future locations will be provided by TopSail's equity sponsor, Tailwater Capital LLC.
Jim Lelio, Chief Executive Officer of TopSail stated, "We are excited to acquire a strategic property with multimodal capabilities as our first location in support of a long-term national processing arrangement for which we plan to construct a number of regional locations across the U.S. over the next 18 months. Our team has developed a scalable proprietary design to ensure the highest level of service to our customers and we believe we have identified a compelling commercial strategy that provides the industry an attractive alternative that is also more environmentally friendly than many current alternatives for used motor oil. This is a win-win strategy for all stakeholders and we see tremendous opportunity in the current landscape for TopSail to expand beyond its initial Baytown site."
About TopSail Energy, LP
Headquartered in The Woodlands, Texas, with operations in Baytown, Texas, TopSail is a dynamic midstream energy company focused exclusively on the midstream liquids arena where the management team can leverage its commercial and operational expertise in the areas of processing, storage, and logistics. TopSail is seeking experienced, entrepreneurial candidates to fill a number of senior and mid-level positions in the areas of marketing, operations, scheduling, maintenance and project management. For more information, please visit www.topsailenergy.com.
About Tailwater Capital LLC
Dallas-based Tailwater Capital LLC currently manages over $1.7 billion in equity capital, over $700 million of which is available for new investments. Tailwater is focused on acquiring and growing midstream assets as well as participating in non-operated upstream opportunities in select basins. For more information, please visit www.tailwatercapital.com.
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SOURCE TopSail Energy, LP