Inter Pipeline's bulk liquid storage segments funds suffered a decline in the first three months of 2017 as a result of unfavourable foreign exchange rates.
The segment generated funds from operations of $26.2 million in the first quarter of 2017, a decrease from $31.1 million in the same period in 2016. However Inter Terminals continued to operate near full capacity during the first quarter of 2017. Average utilisation rates increase to 99% as strong demand for storage continues.
$6.5 million of growth capital was invested in the first quarter, primarily to the construction of 175,000 barrels of new chemical storage capacity at Seal Sands terminal in the UK. The project is expected to cost $25 million and is expected to be completed mid-2017.
Elsewhere the company's conventional oil pipelines rose to a new quarterly record for funds from operations of $53.4 million.
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