USD Group LLC Announces New Partnership with Philadelphia Regional Port Authority
HOUSTON / April 17, 2015
Long-term lease agreement will bring growing dry bulk opportunities to PRPA’s Pier 122
USD Group LLC (“USDG”), via its wholly-owned subsidiary Northeast Energy Terminal LLC, has finalized a long-term lease agreement with the Philadelphia Regional Port Authority (“PRPA”) for use of the Port of Philadelphia’s Pier 122. Under the terms of the lease, USDG’s Northeast Energy Terminal will assume responsibility for existing dry bulk operations at the pier facility.
“USDG has decades of experience developing and managing large-scale multi-modal logistics facilities – experience we hope to use to further PRPA’s long-term vision for growth at Pier 122,” said Dan Borgen, USDG’s Chairman, Chief Executive Officer and President. “We look forward to partnering with them to make that vision a reality.”
The lease was approved by PRPA’s Board of Directors at its March 17, 2015 meeting.
Officials at PRPA are gratified by this recent development. “USDG has the right experience to continue these operations and shares our commitment to maintaining and expanding the jobs and cargo at the terminal,” said Jerry Sweeney, Chairman of the Board of PRPA. “This agreement is good news for the Port of Philadelphia as we move forward at Pier 122.”
Included in the lease are Pier 122 and the associated dockage and equipment used for handling dry bulk cargo. Pier 122 and its deep-water berth feature ample and efficient logistics connections to domestic and international markets.
About USD Group LLC
USDG and its affiliates are engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and other midstream infrastructure assets throughout North America. USDG is an industry leader in the development of unit-train terminals for the transportation of energy-related products. For more information, please visit the company’s website at www.usdg.com.
About the Philadelphia Regional Port Authority
The Philadelphia Regional Port Authority is an independent agency of the Commonwealth of Pennsylvania charged with the management, maintenance, marketing, and promotion of publicly owned port facilities along the Delaware River in Philadelphia, as well as strategic planning in the port district. PRPA works with its terminal operators to modernize, expand, and improve its facilities, and to market those facilities to prospective port users. Port cargoes and the activities they generate are responsible for thousands of direct and indirect jobs in the Philadelphia area and throughout Pennsylvania, as well as numerous other economic benefits. For more information about PRPA, please visit www.philaport.com.
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