Inter Pipeline's European storage segment suffered the effects of a weakening contango pricing environment for certain petroleum products in its 2017 financials.
The European storage business generated annual funds from operations of $97.6 million in 2017, down from $120 million in 2016 as a result of reduced activity and utilisation levels in the latter half of 2017.
However, annual capacity utilisation was strong across Inter Terminal's European operation, resulting in an average utilisation rate of 96% compared to 98% in 2016.
In the second quarter of 2017, Inter Pipeline placed 175,000 barrels of new chemical storage capacity into service at the Seal Sands terminal, backed by long-term storage contracts.
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