- Belvedere Terminals, based in St. Petersburg, plans to invest $750 million in Florida to develop multiple fuel terminals for storage and supply.
- Initial expansion will involve opening three sites in Jacksonville, Ormond Beach, and Ft. Pierce, with plans to establish seven more locations across the state over the next five years.
- The company aims to improve Florida’s fuel supply chain by transporting petroleum products from Gulf refineries to a central hub in Mississippi and then distributing them to storage facilities in Florida, reducing reliance on vulnerable port deliveries during severe weather events.
Belvedere Terminals, based in St. Petersburg, announced on Tuesday that it will invest $750 million in Florida to develop multiple fuel terminals for storage and supply.
Organizational leaders within the company stated that initial expansion plans revolve around opening three sites in Jacksonville, Ormond Beach, and Ft. Pierce, all three of which are currently in the early stages of planning and development. Belvedere ultimately plans to install seven more locations across the state within the next five years.
“We are beyond excited to begin working to develop Belvedere Terminal’s locations in Florida and bring more than $750 million in capital investment with more than 200 jobs to the state,” said Belvedere Terminals President Edwin Cothron. “This new system for fuel delivery will help lower gas prices for consumers and offer a safer and more dependable method for getting fuel into the state that is not subject to port shutdowns when a hurricane forms.”
Florida’s energy situation stands out due to its absence of in-state oil and gas production and a dedicated gas pipeline, making it vulnerable to fuel shortages during severe weather occurrences, like hurricanes.
Belvedere Terminals plans to remedy this by transporting refined petroleum products from Gulf refineries through interstate pipelines to a central hub in Collins, Mississippi. Subsequently, the company’s rail systems will distribute the fuel to storage facilities within Florida.
“We are in communication with Florida state leaders and we are hopeful that our company’s mission will benefit Floridians by taking some fuel deliveries off of Florida’s unique and fragile waterways while strengthening the supply chain for fuel,” continued Cothron.
The company claims that its facilities will improve Florida’s fuel supply chain by making the state less reliant on port deliveries of fuel, which can be subject to disruption during times of severe weather, including hurricanes.