As part of the project, the partnership has entered into a long-term lease with the Port at a new location adjacent to the partnership’s existing terminal.
In addition, the partnership also executed a long-term contract with a major integrated oil company for the initial capacity of the newly constructed asset.
The companies said the partnership will construct over 300,000 barrels of crude oil storage at the new facility, and it has the ability to expand the capacity of the terminal by an additional 600,000 barrels.
This new terminal will be connected via a 24-inch diameter pipeline to both a barge dock and a deep-water marine tanker dock at the Port.
The total project cost is estimated at $25m and is anticipated to be in service by late 2011.
