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Liz Fuller, (w) 503-552-5067
Morrow Pacific project signs LOIs with local companies Gunderson and Vigor for construction of barges, valued at over $75 million
PORTLAND, Ore. — July 23, 2012 — The Morrow Pacific project has signed LOIs (letters of intent) with Gunderson and Vigor Industrial for the construction of 20 enclosed barges, a combined purchase price of over $75 million.
“These LOIs formalize our commitment to working with local companies. We look forward to collaborating with Gunderson and Vigor,” said Clark Moseley, CEO of the Morrow Pacific project.
Under the LOI Gunderson would construct fifteen enclosed barges. The bid, valued at over $55 million, would create hundreds of jobs. “ We need projects like this in Oregon. This is an amazing opportunity for Gunderson, and would employ 350 local workers,” said Bill Furman, CEO of Gunderson.
Morrow Pacific also signed an LOI with Vigor Industrial valued at over $20 million for the construction of five enclosed barges. “This project will increase manufacturing jobs in Oregon, provide economic development in rural communities, grow exports from the state, and strengthen our region’s ability to develop new opportunities in Asia. For these reasons, we are pleased that Vigor will support the Morrow Pacific Project,” said Frank Foti, CEO of Vigor Industrial.
The LOIs are contingent on project financing and permitting. The current timeline would have barge construction start in mid 2013.
The project is seeking permits from the U.S. Army Corps of Engineers, Department of State Lands and Department of Environmental Quality.
About the Morrow Pacific project
The Morrow Pacific project will ship low-sulfur coal by rail from the Intermountain Region to an enclosed warehouse at the Port of Morrow. From there, enclosed barges will move the coal to Port Westward Industrial Park at the Port of St. Helens. An enclosed transloader will then transfer the coal from barges to oceangoing vessels bound for Asian trading allies, such as Japan, South Korea or Taiwan. The Morrow Pacific project raises the bar for environmental standards in coal export operations. Between the Port of Morrow facility until it arrives in Asia, there will be no visible coal and little, if any, coal dust.
For more information please visit www.MorrowPacific.com.
Brian Gard, (w) 503-221-0100, email@example.com
Liz Fuller, (w) 503-552-5067, firstname.lastname@example.org