Blue Dolphin Energy’s subsidiary, Lazarus Refining and Marketing, closed on a $10 million term loan with Sovereign Bank. The loan is guaranteed under the Business and Industry Guaranteed Loan Program administered by the U.S. Department of Agriculture Rural Development Program.
The proceeds of the loan will support commercial development of Blue Dolphin’s Nixon, TX-based facility, specifically construction of an additional 300,000 barrels of petroleum storage tanks. It will also be used to refinance an existing $3 million bridge loan with Sovereign.
“Over the past six months, Blue Dolphin has secured $35 million in 19 year financing. This new round of financing allows us to continue envisioned capital improvements to the Nixon facility, helping to unlock the refinery’s embedded value,” said Jonathan P. Carroll, CEO and president of Blue Dolphin.
Blue Dolphin Energy Company is an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale.