The project will include seven 250,000 barrel crude oil tanks and two 100,000 barrel crude oil tanks.
Once completed, the company’s total storage capacity in Cushing will be seven million barrels of crude oil.
The new tanks will be leased to three customers and is expected to be completed mid-year 2012.
SemCrude president Pete Schwiering said that despite all the newly constructed tanks in Cushing a significant demand continues for additional storage.
"This demand is enhanced by increased deliveries of Canadian crude and the pending expansion of White Cliffs Pipeline," Schwiering said.
White Cliffs Pipeline, which is owned and operated by SemCrude, moves crude oil out of the Denver-Julesburg basin directly to Cushing.
