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IFG Port Holdings to build UP-served export grain terminal at Louisiana port


Yesterday, Louisiana Gov. Bobby Jindal and the Port of Lake Charles, La., announced that IFG Port Holdings L.L.C. will build an export grain terminal at the port. The state, port, IFG Port Holdings and Union Pacific Railroad recently finalized an agreement for the facility.

IFG Port Holdings will spend $59.5 million on the terminal — which will handle export grains such as rice, wheat, corn, soybeans and dried distiller grains — and plans to begin construction immediately. The state will provide $12 million to help fund upgrades to tracks, switches and signals to support the new terminal, and an additional $6 million through the Port Priority Program. The port will provide $10.1 million to build a loop track for IFG unit trains.

"This will be the first new export grain terminal developed in the state of Louisiana in over 25 years, and will connect southwest Louisiana to the nation’s grain export system, making the Port of Lake Charles a premier export point for grains,” said Kabir Ahmad, chief executive officer of IFG Port Holdings, in a prepared statement. "Through the development of enhanced rail capacity, the port will be better equipped to compete amongst the nation’s ports.”

In addition, UP plans to provide $6 million to help fund upgrades to a rail connection to the new bulk grain elevator.
"This investment will allow Union Pacific to better serve customers by expanding our network for exporting grain and grain products," said UP Chairman, President and CEO Jim Young. "This project also serves as a great example of how public-private partnerships can work to support industrial development in Louisiana.”

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More News from 4/1/2011