Louisiana Gov. Bobby Jindal and NuStar Energy CEO Curt Anastasio announced a $365 million capital investment by NuStar that will expand the company’s St. James Terminal, creating 32 new direct jobs at the facility and an estimated 269 new indirect jobs in southeast Louisiana.
The 32 new direct jobs will pay an average of $98,000 a year, which includes an all-employee bonus, plus other benefits, and NuStar will retain 23 existing jobs. NuStar Energy LP, a Fortune 500 company based in San Antonio, TX, began working on elements of the expansion last year and expects to complete the work in 2016. The project will increase NuStar’s tank storage capacity at the Mississippi River site from 8 million barrels to 11 million barrels.
Combined with earlier investments by NuStar and future expansion plans at the site, the company anticipates spending $505 million on capital improvement projects at the St. James Terminal over a five-year period.