Release Date: April 18, 2011
Office of District 3 Councilwoman Jennifer V. Ramos: 207-7064
NuStar Energy to Make $76 million Investment in San Antonio Council District 3
District 3 Councilwoman Jennifer Ramos announced that NuStar Energy acquired AGE Refinery on Thursday, April 14, 2011. This acquisition represents an investment of $76 million in the Southside of San Antonio that will enhance employment opportunities for the community while improving the jobs of the approximately 90 employees already working at the facility.
"This is an important day for District 3," Councilwoman Ramos said. "Bringing jobs and economic development back to the district is a top priority for me. I'm glad to have worked with NuStar to help a major San Antonio employer make such a substantial investment in District 3."
The acquisition includes $41 million for the purchase of the refinery located at Southeast Military Drive and South Presa Street and a related storage terminal facility, and $35 million in investments for improvements in safety and environmental, reliability and drainage at the refinery, as well as beautification projects. New administrative offices are also planned along the site's frontage, and will keep with Councilwoman Ramos'vision for the South Presa Corridor that will enhance economic development and revitalize this major artery in the Southside of San Antonio.
Additionally, NuStar has budgeted $6.4 million per year in payroll at the site, and estimates existing employees will see their total compensation and benefits rise by 100%, as NuStar employees receive an average of 45 cents in benefits for every dollar in wages earned, as well as an all-employee bonus and long-term incentive pay.
"This is about keeping, adding, and improving jobs, and increasing investment and development in District 3," Councilwoman Ramos added. "I know there's more work to do, but this is another step in the right direction."
Ramos applauded NuStar Energy for its safety and environmental record, and for being named No. 30 on Fortune Magazine's 100 Best Companies to Work For list. "The employees will now be a part of a large, growing company with advancement opportunities throughout the world," said Councilwoman Ramos. "Having a company with significant resources and a record of safety and environmental excellence willing to invest millions of dollars to improve the facility, clean up the environment, and support our community is just what the district needs."