By September 14, 2017 0 Comments Read More →

Gibsons Energy building 1.1 million barrel oil sands storage expansion

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Gibsons Hardisty Terminal Photo credit: Lauren Concise

Tanks underpinned by long-term, senior, investment grade, oil sands customer

Gibson Energy Inc. announced construction of 1.1 million barrels of new tankage at its Hardisty Terminal, according to a company press release.

The two 300,000 barrel tanks and one 500,000 barrel tank are expected to be placed in service in the third quarter of 2019 and will increase the total capacity of the terminal to 10 million barrels.

The two 300,000 barrel tanks are underpinned by a long-term, fixed fee contract with a senior, investment grade, oil sands customer.

“Our Hardisty Terminal continues to demonstrate its commercial competitiveness and this contract affirms the on-going demand for our strategic storage infrastructure in support of incremental oil sands brownfield development,” said Steve Spaulding, Gibsons’ president and CEO.

The 500,000 barrel tank will service operational needs, replacing the tank that was earmarked for that purpose in the last expansion phase which was ultimately contracted to a customer under a long-term contract.

“We will continue to focus on the build-out of the undeveloped acreage at both our Hardisty and Edmonton terminals, and the growth of the proportion of our cash flow streams attributable to the Infrastructure segment, as our number one strategic priority,” said Spaulding.

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