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FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today announced that its subsidiary, Delaware River Partners LLC ("DRP"), has obtained approval for the construction of an underground cavern system, enabling a key expansion project along the Delaware River in Gloucester County, New Jersey.
DRP's Repauno Port and Rail Terminal ("Repauno") has received approval from the New Jersey Department of Environmental Protection to construct two underground granite caverns for the storage of liquefied petroleum gas products ("LPGs"), with capacity to hold over 600,000 barrels each. Repauno has an existing underground granite cavern capable of storing 180,000 barrels, complemented by ship loading capabilities and bolstered by a state-of-the art rail transloading system allowing for direct connectivity of products between its rail and vessel operations.
This investment is expected to deliver substantial economic benefits to nearby communities. DRP estimates that construction of the caverns will create over 500 local, well-paying union jobs, will contribute to local commerce and continue the important work of revitalizing the Delaware River industrial waterfront.
Posted In: FIP
