Gibson Energy Inc. Announces Commencement of Storage Expansion and Potential Crude to Rail Opportunity at Hardisty Terminal

abarrelfullabarrelfull wrote on 18 Sep 2012 15:04
Tags: canada gibson n-america railway

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Gibson Energy Inc. ("Gibson" or the "Company"), TSX: GEI, announced today two expansion opportunities at its Hardisty Terminal near Hardisty, Alberta.

Subsequent to the previously announced open season process, the Company has received sufficient, long-term, committed customer support to begin construction of two 400,000 bbl oil storage tanks for an aggregate addition of 800,000 bbls of storage. Located immediately adjacent on the East boundary of the existing Gibson's Hardisty Terminal, the two tanks will form the initial anchor for an expansion of the facility. The new tanks will be well connected to third party receipt pipelines and facilities and will have connectivity to all current export pipelines from Hardisty. They will also benefit from the synergies and operational flexibility provided by Gibson's existing Hardisty Terminal complex. Site preparation for the two 400,000 bbl tanks is scheduled to start in the fourth quarter of 2012. Commissioning is expected to occur in early 2014.

"This initial development on our eastern lands at Hardisty Terminal starts to take advantage of the Company's strategic 184 acre undeveloped land position in the area," said Rick Wise, Gibson's Senior Vice-President Operations. "We expect continued growth at our Hardisty Terminal as oil sands and conventional oil production continue to develop at an accelerated pace."

Gibson also announced today that it has signed a Letter of Intent with a major unit train developer to explore unit train shipments from the Hardisty area. The proposed facility would use Canadian Pacific's North Main Line for transporting crude by rail to markets across North America.

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