Port Authority signs long-term lease with oil recycling firm NexLube Tampa

Tampa, FL—The Tampa Port Authority is pleased to announce the signing of a 20-year lease agreement between the authority and NexLube Tampa, LLC, a firm that will invest some $75-80 million to develop and construct a recycling facility capable of processing up to 24 million gallons of used oil per year at the Port of Tampa. The facility, to be located on 12 acres at Pendola Point, will be the first of its kind in Florida.

The lease was signed in a brief ceremony June 6, at the port authority’s headquarters, in Tampa, by Richard Wainio, port director and chief executive, and Monte Bell, president of NexLube LLC. Several stakeholders from regional economic development agencies attended, including key partners during the two-year process that worked closely together to bring the lease signing into fruition: Enterprise Florida, Tampa Hillsborough Economic Development Corporation, the City of Tampa and Hillsborough County.

The NexLube project is expected to create hundreds of jobs during the two-year construction phase and provide 75 direct and indirect jobs over the duration of the 20-year agreement, with an additional 10 years in options. In addition, the new facility is expected to generate substantial Hillsborough County property tax revenues per year and—when fully operational—a total of $10 million in revenues to the port authority over the term of the lease.

Green industries are increasingly being developed at ports across the United States, and provide a good fit for the Port of Tampa. Recycled oil will be used to produce lubricants, diesel and asphalt. In addition, oil from automobile oil changes will be reprocessed for use as motor oil that is equal or superior to retail motor oil.

“We are extremely pleased to partner with NexLube Tampa, on this amazing project and eager to see their business succeed. We thank the many partners who helped make this day possible,” Wainio said.

The Tampa Port Authority (www.tampaport.com ) administers Florida’s largest and one of the nation’s most diversified ports. Handling an array of materials from bulk and break bulk to containers and heavy lift project cargoes, the port is the largest economic engine in all of west and central Florida. For more information about NexLube Tampa, LLC, visit www.nexlubetampa.com.