Gibson Energy has announced plans to increase storage capacity at its Hardisty Terminal by one million barrels, underpinned by a long-term agreement.
The construction of two new 500,000-barrel tanks, underpinned by a long-term agreement with an investment grade, senior oil sands customer, represents the third phase of development at the Top of the Hill portion of the Hardisty terminal.
This third phase, which will leverage certain infrastructure built as part of the prior phases, is expected to be in service in the first quarter of 2020.
The three phases currently under construction will add seven new tanks, representing an incremental 3.1 million barrels of storage and a 35% expansion of the Hardisty Terminal.
Steve Spaulding, president and CEO, says: 'With nearly a half-billion dollars of sanctioned growth capital relative to an annual target of $150 to $200 million, Gibson has secured the projects required to exceed our 10% growth target through to 2020.
'We also remain in discussions with several existing and potential customers regarding their needs for additional tankage and continue to expect we will sanction two to four tanks per year over the medium-term.'
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